By Giulia Petroni

Electricite de France SA said Thursday that profit dropped for 2020 and it confirmed its targets for the 2021-22 period.

The French utility company said net profit was 650 million euros ($784 million) for the full year compared with EUR5.16 billion a year earlier. The company attributed the fall partly to nonrecurring items, including a tax litigation in France and changes to the U.K. corporate tax rate.

Revenue decreased to EUR69.03 billion from EUR71.35 billion the previous year.

Earnings before interest, taxes, depreciation and amortization were down 3.3% on year to EUR16.17 billion.

EDF said earnings were hit by the effects of the coronavirus pandemic, mainly on nuclear power in France, reductions in power consumptions with a slowdown in projects and services, as well as a decline in distributed volumes and grid-connection works.

The company said its board of directors will propose a dividend of EUR0.21 a share for 2020, which equates to a payout rate of 45% of net income excluding nonrecurring items.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

02-18-21 0243ET