Bouygues posts 91 percent net profit rise

2nd March 2005, Comments 0 comments

PARIS, March 2 (AFP) - French group Bouygues, which has interests in construction and telecommunications, said Wednesday net profit rose 91 percent last year, thanks mainly to a one-off gain.

PARIS, March 2 (AFP) - French group Bouygues, which has interests in construction and telecommunications, said Wednesday net profit rose 91 percent last year, thanks mainly to a one-off gain.

Net profit in 2004 was EUR 858 million (USD 1.127 billion), compared with EUR 450 million a year earlier.

The result beat a consensus forecast quoted by JCF group of EUR 762 million, and was largely due to a EUR 221 million capital gain on the sale of Saur, its water, energy and sanitation subsidiary.

Excluding the Saur gain, of which EUR 188 million was booked in 2004, leaving the rest for a later date, net profit rose 49 percent to EUR 670 million.

Bouygues's earnings before interest and tax (EBIT) was EUR 1.547 billion, up 25 percent from EUR 1.238 billion, with Bouygues Telecom's EBIT up 20 percent to EUR 550 million from EUR 460 million.

The group said it would pay a dividend of EUR 0.75, up from 0.50, as cash flow grew 9.0 percent to EUR 2.267 billion.

Sales were expected to climb to EUR 22.7 billion in 2005, up 7.0 percent under IFRS accounting norms. Sales in 2004, not prepared under IFRS norms, had increased 7.0 percent, to EUR 23.402 billion.

Shares in Bouygues fell 2.68 percent to EUR 31.90 in morning trade as the disappointing operating numbers and especially weak figures at the telecoms unit overshadowed the higher-than-expected net profit, dealers said.

Meanwhile, the CAC-40 was down 8.11 points at 4,046.87.

© AFP

Subject: French News

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