August 1, 2019 / 5:37 AM / 17 days ago

French company Veolia's core earnings rise as new business lines boom

PARIS, Aug 1 (Reuters) - French water and waste group Veolia said strong growth across all its geographies, and particularly its new business lines, boosted core first-half earnings and revenue by more than five percent as growth sped up in the second quarter.

Veolia’s core earnings before interest, tax, depreciation and amortisation (EBITDA) rose 5.4% to 2 billion euros ($2.2 billion) as revenue rose 5.8% to 13.32 billion euros.

“Commercial momentum remained very solid. Growth of our new businesses has been very strong, particularly hazardous waste, up 13%, as well as plastic recycling, up 30%,” CEO Antoine Frerot said in a statement.

Net profits also increased and Veolia confirmed its guidance for 2019 core earnings between 3.9 and 4.0 billion euros.

$1 = 0.9050 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta

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