Veolia net profit gained 22% in '07 buoyed by acquisitions
Veolia Environnement SA, the world's biggest water company, said on Friday that net profit rose 22 per cent last year, buoyed by the impact of recent acquisitions and lower tax charges in Germany and the UK.
By Agencies |
PARIS: Veolia Environnement SA, the world's biggest water company, said on Friday that net profit rose 22 per cent last year, buoyed by the impact of recent acquisitions and lower tax charges in Germany and the UK.
The water, waste and energy services company said net income rose to euro927.9 million ($1.42 billion) in 2007, from euro758.7 million a year earlier.
This fell short of a Dow Jones survey of analysts who forecast net profit of euro956.6 million ($1.46 billion).
Shares fell 5.9 per cent to euro51.7 ($79.20) in Paris opening trade. Veolia shares have risen 3.8 per cent over the past 12 months. Analysts attribute the rise to its long-term earnings visibility and cashflow.
Operating profit was euro2.5 billion ($3.83 billion), up 17 per cent from euro2.13 billion in 2006.
On Feb. 5, Veolia said its 2007 revenue rose 14 percent to euro32.63 billion ($49.99 billion).
Chief Executive Henri Proglio said earnings should improve this year and the company is targeting ``growth of at least 10 per cent in our revenue, cash flow from operations and net income in 2008.''
The water, waste and energy services company said net income rose to euro927.9 million ($1.42 billion) in 2007, from euro758.7 million a year earlier.
This fell short of a Dow Jones survey of analysts who forecast net profit of euro956.6 million ($1.46 billion).
Shares fell 5.9 per cent to euro51.7 ($79.20) in Paris opening trade. Veolia shares have risen 3.8 per cent over the past 12 months. Analysts attribute the rise to its long-term earnings visibility and cashflow.
Operating profit was euro2.5 billion ($3.83 billion), up 17 per cent from euro2.13 billion in 2006.
On Feb. 5, Veolia said its 2007 revenue rose 14 percent to euro32.63 billion ($49.99 billion).
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Chief Executive Henri Proglio said earnings should improve this year and the company is targeting ``growth of at least 10 per cent in our revenue, cash flow from operations and net income in 2008.''
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