Belgium's GBL H1 net profit up 21 pct
BRUSSELS, July 31 (Reuters) - Belgian holding company Groupe Bruxelles Lambert (GBL) (GBLB.BR) reported a 21 percent rise in first-half consolidated net profit on Thursday as dividends rose and its portfolio strengthened.
GBL, part-owned by Belgian billionaire Albert Frere, said net profit through June 30 increased to 555 million euros ($866.9 million), boosted by a first time consolidation of its stake in French cement maker Lafarge (LAFP.PA).
Cash earnings, excluding associated companies, mark-to-market adjustments and capital gains, rose 29 percent to 510 million euros on the back of higher dividends from its holdings in the likes of Suez, Total (TOTF.PA) and Imerys (IMTP.PA).
GBL invested nearly 900 million euros in its portfolio in the first half, some 700 million euros of it in Lafarge, in which it had a 19.1 percent stake on June 30.
GBL said it had also raised its stake in Pernod Ricard (PERP.PA) to 6.8 percent and in Imerys to 28.6 percent, the latter for 160 million euros.
"Taking these operations into account and the disposal of some Iberdrola (IBE.MC) shares (436 million euros), GBL holds a comfortable cash position of 1.5 billion euros at June 30," the Belgian company said in a statement.
GBL was a significant shareholder in Suez, which has now merged with Gaz de France, and spun off its Suez Environnement (SEVI.PA) business. GBL's holdings in GDF Suez (GSZ.PA) was 5.3 percent and in Suez Environment 6.3 percent.
GBL said it was still waiting for an exceptional dividend from GDF Suez that could represent some 90 million euros. (Reporting by Philip Blenkinsop, editing by Phil Berlowitz)
