Bouygues profit slumps [Daily Tribune (Bahrain)]
(Daily Tribune (Bahrain) Via Acquire Media NewsEdge) ? ? Construction, television and telecoms group Bouygues reported a 32.0-per cent plunge in net profit for the first half yesterday, but this was better than expected and the shares shot up 6.74pc. It also said that cost-cutting plans launched at its telecoms and television units "are bearing fruit". Net profit fell on a 12-month comparison to 188 million euros ($251.5m), hit by a firstquarter loss at the TF1 television channel and in the telecom sector. Sales fell by 2.0pc to 15.21 billion euros. The company said that a consensus by 20 analysts had been for a net profit of 165m euros and sales of 15.23bn euros. The group said that it now expected sales for the year to total 32.2-33.4bn euros from 33.45bn euros targeted previously. The downgrade reflected mainly the performance at the mobile telephone arm Bouygues Telecom which lowered it sales target to 4.6bn euros from 4.85bn euros. The price of shares in turn jumped by 6.74pc to 24.47 euros in an overall lower market. Meanwhile Bouygues Construction said that it had won two big contracts in Hong Kong and in the United States worth together slightly more than 1.5bn euros. ? ?
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