Saint-Gobain Says Capital Gains, Weak Euro Boost 2015 Profit -- Update
February 25 2016 - 1:48PM
Dow Jones News
By Matthew Dalton
PARIS--Construction materials firm Compagnie de Saint Gobain SA
Thursday said net income last year rose 36% to 1.3 billion euros
($1.43 billion), fueled by a capital gain on the sale of its glass
bottle business and the weaker euro.
Sales last year rose 3.3% to EUR39.6 billion, the French company
said. The weakness of the euro relative to the U.S. dollar and
sterling boosted sales 3%, it said.
Private-equity firm Apollo Global Management paid EUR2.95
billion for Verallia, Saint-Gobain's glass bottle business, adding
EUR811 million to the company's profits last year.
The company said it is aiming to raise its operating income this
year compared with 2015, when it was EUR2.6 billion, a 4.5%
increase over 2014. It announced a full-year dividend of EUR1.24
per share, to be paid all in cash on June 8.
Sales in France were down sharply, the company said, because of
the country's weak construction market. But sales elsewhere in
Europe were strong. And emerging markets, except for Brazil and
China, also performed well, Saint-Gobain said.
Write to Matthew Dalton at matthew.dalton@wsj.com
(END) Dow Jones Newswires
February 25, 2016 13:33 ET (18:33 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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