Saint-Gobain 1st Half Profit Rises Sharply on Sika Stake Sale
26 Luglio 2018 - 06:52PM
Dow Jones News
By Nathan Allen
Compagnie de Saint-Gobain SA's (SGO.FR) net profit rose nearly
62% in the first half, due largely to the sale of some of its stake
in Sika AG (SIKA.EB), the company said Thursday.
First-half profit at the French building-materials company was
1.22 billion euros ($1.43 billion) compared with EUR754 million a
year earlier. Sales rose 1.9% to EUR20.79 billion from EUR20.41
billion, the company said.
The group booked a one-off gain of EUR781 million from selling
part of its stake in Sika back to the company.
Chief Executive Pierre-Andre de Chalendar said the group raised
sales prices by an average of 2.5% amid continued raw material and
energy cost inflation.
Analysts had forecast sales of EUR20.58 billion, according to a
FactSet-compiled consensus.
Following the closing of the Sika transaction Saint-Gobain said
it will accelerate its transformation strategy and is targeting
divestments that represent at least EUR3 billion in sales by the
end of 2019.
The company said it plans to continue its high volume of
acquisitions, having bought 13 companies for a total of EUR356
million in the first half.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 26, 2018 12:37 ET (16:37 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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