The Franco-Belgian gas and electric company reported a 26 percent fall in net profit for the first six months of the year to â¬1.7 billion (£1.48 billion) from â¬2.3 billion (£2 billion).
Revenues were down at the company by 1.9 per cent to â¬42.6 billion and 2.6 per cent to â¬7.6 billion before before interest, taxes and amortisation (EBITA).
The group said it was pushing through a â¬3.5 billion cost cutting strategy that was aimed at cutting its exposure in Europe to concentrate on growth markets in the Middle East, Asia and South America.
Gérard Mestrallet, chairman and chief executive officer at GDF Suez, said: “The group has made good progress in its asset optimisation program while dynamically developing new operations mainly in high-growth markets, as identified in its strategic objectives.”
International Power owns 11 power stations in the UK including a coal fired power station at Rugeley in Staffordshire and the oil-powered India Queens station in Cornwall.