Saint-Gobain Says Capital Gains, Weak Euro Boost 2015 Profit -- Update

By Matthew Dalton 
 

PARIS--Construction materials firm Compagnie de Saint Gobain SA Thursday said net income last year rose 36% to 1.3 billion euros ($1.43 billion), fueled by a capital gain on the sale of its glass bottle business and the weaker euro.

Sales last year rose 3.3% to EUR39.6 billion, the French company said. The weakness of the euro relative to the U.S. dollar and sterling boosted sales 3%, it said.

Private-equity firm Apollo Global Management paid EUR2.95 billion for Verallia, Saint-Gobain's glass bottle business, adding EUR811 million to the company's profits last year.

The company said it is aiming to raise its operating income this year compared with 2015, when it was EUR2.6 billion, a 4.5% increase over 2014. It announced a full-year dividend of EUR1.24 per share, to be paid all in cash on June 8.

Sales in France were down sharply, the company said, because of the country's weak construction market. But sales elsewhere in Europe were strong. And emerging markets, except for Brazil and China, also performed well, Saint-Gobain said.

Write to Matthew Dalton at [e-mail]

(END) Dow Jones Newswires

February 25, 2016 13:33 ET (18:33 GMT)

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