Bouygues profit plunges 27%, announces share buyback

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French conglomerate Bouygues, active in construction, real estate, media and telecommunications, said Wednesday its half-year profit tumbled 27 percent and announced a 1.25-billion-euro share buyback.

The company said net profit dropped by 27 percent to 391 million euros ($565 million) due to less of a contribution from its stake in the Alstom engineering, with its sales and operating profit from its main units making modest gains.

It announced a share buyback offer worth 1.25 billion euros for 11.7 percent of its capital at 30 euros per share, or a 21 percent premium to their closing price on Tuesday.

© 2011 AFP

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