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Vinci ups profit goal, contracting improves in Q2

Published 31/07/2015, 02:51 am
© Reuters.  Vinci ups profit goal, contracting improves in Q2
SGEF
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PARIS, July 30 (Reuters) - Europe's biggest construction and concessions company Vinci SGEF.PA on Thursday raised its net profit goal as its contracting business improved in the second quarter.

Europe's biggest construction and concessions company said it now expected its 2015 net income excluding exceptionals to be slightly higher than that achieved in 2014, rather than the same as previously predicted.

Vinci said first-half operating profit declined 2.7 percent to 1.540 billion euros ($1.68 billion), equivalent to a 2.9 percent increase excluding the impact of the sale of its Vinci Park business. Revenue fell 3.2 percent to 17.880 billion euros.

This beat average expectations for revenue of 17.6 billion euros and operating profit of 1.522 billion euros in a ThomsonReuters I/B/E/S poll.

Vinci said that contracting revenue in France was expected to drop by 10 percent this year and it reiterated that order intake in France should bottom out towards the end of 2015.

($1 = 0.9177 euros)

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