Saint-Gobain Backs guidance After 1st Half Net Profit Fell
July 25 2019 - 12:53PM
Dow Jones News
By Nathan Allen
Compagnie de Saint-Gobain SA (SGO.FR) backed its guidance
Thursday after reporting a sharp drop in first-half net profit due
to a large gain booked last year.
The French construction-materials company said profit fell to
689 million euros ($767.7 million) from EUR1.22 billion a year
earlier. Saint-Gobain booked a EUR781 million gain on the sale of
its stake in Sika AG (SIKA.EB) last year.
Earnings before interest, taxes, depreciation and amortization,
which strips out the effect of the sale, rose to EUR2.42 billion
from EUR2.07 billion, the company said.
Meanwhile, sales climbed to EUR21.68 billion from EUR20.79
billion.
Chief Executive Pierre-Andre de Chalendar said the positive
results were driven by upbeat trends in its main markets, better
sales prices in relation to costs and advances in the group's
portfolio-optimization plan.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 25, 2019 12:38 ET (16:38 GMT)
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