August 1, 2018 / 5:46 AM / 3 months ago

Utility Veolia first-half core earnings rise 3.7 percent

PARIS (Reuters) - French water and waste group Veolia (VIE.PA) said first-half core earnings rose nearly four percent due to strong waste volumes and despite a negative currency impact, and the company also confirmed its 2018 and 2019 earnings guidance.

First-half revenues rose 3.1 percent to 12.56 billion euros ($14.7 billion) but were up 6 percent at constant exchange rates, as the weakness of the U.S. and Australian dollar as well as the British pound had a 357 million euro negative impact.

At constant exchange rates, second-quarter revenue growth slowed down to 5.1 percent from 7 percent in the first quarter.

Veolia said waste volumes were up 4.9 percent in the second quarter after growth of 3 percent in the first.

Core earnings before interest, tax, depreciation and amortization (EBITDA) were up 3.7 percent to 1.67 billion euros.

Current EBIT (earnings before interest and tax) was up 4.2 percent to 792 million euros, while net profit rose 13.6 percent to 329 million euros.

Veolia confirmed its earnings guidance for 2018 core earnings higher than in 2017, and for 2019 core earnings of at least 3.3-3.5 billion euros.

Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta

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