Saint-Gobain First-Half Operating Income Up 7.3%; Backs 2016 Guidance
July 28 2016 - 12:39PM
Dow Jones News
By Ian Walker
French construction materials group Compagnie de Saint-Gobain
S.A. (SGO.FR) Thursday reported a 7.3% rise in first-half operating
income, and said the U.K.'s vote to exit the European Union doesn't
affect its objectives, despite creating a climate of
uncertainty.
The 350-year-old company said the half-year earnings are in line
with the board's objectives, and reiterated that it expects further
like-for-like improvement in operating income for the year, as
previously guided.
For the half year ended June 30 Saint-Gobain made an operating
profit of 1.37 billion euros ($1.51 billion), compared with EUR1.28
billion a year earlier, on a 1.6% increase in sales to EUR19.55
billion.
Net profit rose to EUR596 million from EUR558 million.
"Saint-Gobain's sales for first-half 2016 confirm our February
forecasts, with France stabilizing and all regions making a strong
contribution to growth," Chairman and Chief Executive Pierre-Andre
de Chalendar said.
"Our strategy of investing in emerging markets provides us with
a diversified platform for profitable growth," he added.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
July 28, 2016 12:24 ET (16:24 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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