Eiffage book a net profit up 40% in 1st half
Eiffage yesterday confirmed its forecast of sales for 2010 thanks to the growth of its backlog and achieved a 40% jump in net profit group share biannually.
The eighth group of European construction and concessions generally expected that sales suffer in 2010, and 2009, the reluctance of public procurement, while the branch motorway concessions observes it, a gradual recovery its activity.
"For now, we have been heavily affected by margins than they were at the top of the previous cycle in 2007, but we do not know when they ascend," said CEO Jean-Francois Roverato at a meeting analysts.
He noted that the shift of the French market over the last ten years, to concessions and public-private partnerships (PPP) would generate a "return to better fortune" in some time."The question is when," he added.
Eiffage, best known for the Millau Viaduct and the future stadium of Lille, has achieved a net profit after minority interests of 70 million euros in the first half thanks to the reduced cost of debt.
The operating profit has however declined by 2.6% to 412 million, within the scope of the downturn in work due to a climate of increased competition.
Alongside Eiffage, Bouygues has raised its annual target of revenue, thanks to TF1 and real estate, while still waiting for a 5% decline in construction.
Vinci, the world leader in construction and concessions, has published its interim results next to expectations, particularly thanks to the improvement of traffic conditions.
NEXT ISSUE OF THE OFFER OF WITHDRAWAL ON APRR
Eiffage, owner of motorway networks APRR (Autoroutes Paris-Rhin-Rhone) and Area (Rhone Alps), has already published July 30 in sales for the second quarter, emerged up 2.2% to 3.547 billion euros.
The company said that the outcome of a bid withdrawal filed on APRR Eiffarie early July by the joint venture between the Australian Eiffage and Macquarie would be published on September 24.
The offering will enable Eiffarie hold 100% of APRR and will be accretive to net income of the group in 2010, says Eiffage.
PRPA reported Friday a net profit increase of 16.3% on back of recovery in traffic, especially trucks.
The group is held June 30 to 26.3% by its employees and 20% by the Strategic Investment Fund (ISF), the float is 35.7%
The action Eiffage closed down 1.34% to 35.99 euros on Tuesday, giving a market capitalization of 3.24 billion euros. It has lost 8.5% since the beginning of the year.