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| Bouygues reports Q1 net profit up 14% The French Bouygues group, world's second largest construction company, reported consolidated sales of €6.4 billion in the first quarter of 2010, down 2% year-on-year. Operating profit amounted to €162 million, down 2%, and net profit to €181 million, up 14%. The financial situation is sound, with €2.2 billion less net debt than at the end of March 2009, in keeping with the improvement noted at end-December 2009. Bouygues Construction reported a 6% drop in sales (-10% in France and stable on international markets). The operating margin was 3.5%, 1 point higher than in the first quarter of 2009, which was particularly affected by the Gautrain rail link project. Despite an increase in net cash, financial income continues to be hit by falling interest rates. Net profit amounted to €47 million, down 2%. Sales at Bouygues Immobilier were almost stable, with a 16% rise in residential property and a 30% decline in commercial property. The operating margin was 9.0%, 2.3 points higher than in the first quarter of 2009, which was affected by promotional efforts on residential operations. Net profit came to €30 million, up 30%. Colas recorded a 7% decline in sales, down 6% in France and 10% internationally, hit by a particularly severe winter. For that reason operating income, usually negative in the first quarter, came to -€202 million, down €87 million on the first three months of 2009. Given the strong seasonal nature of Colas' activities, first-quarter results are not representative of the entire year. write your comments about the article :: © 2010 Construction News :: home page |