By Inti Landauro
PARIS--French industrial gas supplier Air Liquide (AI.FR)
confirmed that it expects net profit to increase this year with its
cost-cutting program offsetting adverse currency swings.
The company said net profit in the first half of the year inched
up to 755 million euros ($1.01 billion) from EUR752 million in the
same period a year ago, while overall revenue fell 0.7% to EUR7.51
billion. Excluding the effect of currency swings sales rose 3.5% an
net profit rose 3.8%, Air Liquide said.
"The negative effect of foreign exchange fluctuations will be
smaller in the third and fourth quarters of this year as the euro
was more stable," Fabienne Le Corvaisier, Air Liquide's Chief
Financial Officer said.
The company managed to offset the negative effect of the
strengthening euro through cost-cutting. During the first half of
the year, Air Liquide managed to implement efficiencies that
allowed to save EUR152 million. The company expects to cut costs by
more than EUR250 million during the year.
Write to Inti Landauro at inti.landauro@wsj.com
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