Veolia Environnement 9M Profit Rises; Confirms Outlook For FY18, FY19

(RTTNews) - French resource management firm Veolia Environnement (VE) reported Wednesday that its nine-month current net income group share was 457.4 million euros, 15.5 percent higher than re-presented net income of 396 million euros last year.

Current EBIT increased 7.4 percent to 1.10 billion euros from 1.02 billion euros a year ago. EBITDA was up 5.1 percent on a reported basis and 6.9 percent at constant exchange rates to 2.42 billion euros.

EBITDA margin was 12.9 percent, higher than 12.8 percent a year ago.

Group consolidated revenue was 18.76 billion euros, up 4.3 percent from 17.99 billion last year. Revenue grew 6.6% at constant exchange rates, and 4.7% at constant scope and exchange rates.

Antoine Frérot, Chairman and CEO, said, "The third quarter was particularly good, with an acceleration of all of our operational indicators. Growth in revenue and income in the third quarter is the strongest performance since 2014: revenue is thus up by 7.8%, EBITDA is up 9.4%, and current EBIT up 18.4%."

Looking ahead, the company confirmed 2018 objectives and expects to be confident in outlook for 2019.

For fiscal 2018, the company continues to expect, at constant exchange rates, continuation of sustained revenue growth, EBITDA growth greater than that of 2017, and cost reductions of more than 300 million euros.

For 2019, the company still expects continuation of revenue growth and full effect of cost savings, and EBITDA between 3.3 billion euros and 3.5 billion euros, excluding IFRIC 12, and between 3.5 billion euros and 3.7 billion euros including IFRIC 12.