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Bouygues posts profit increase helped by energy arm Equans

French corporation Bouygues published a 19% pro forma rise in annual operating profit on Tuesday as strong efficiencies by energy arm Equans, roadbuilding firm Colas and construction units offset weakness at property arm Immobilier and TV broadcaster TF1.

Its shares rose more than 4.5% in early trading after the varied group likewise beat experts' expectations on 2023 sales.

The group reported current operating make money from activities ( COPA) of 2.41 billion euros ($ 2.61 billion) for 2023, up from 2.02 billion a year previously.

Sales increased 3% to 56.01 billion euros on a pro forma basis including Equans which it got in late 2022, beating an LSEG poll price quote of 55.44 billion.

The business had assisted for an annual COPA of above 2.16 billion and sales near to 54.4 billion, adding it expects both metrics to increase slightly in 2024.

Bouygues obtained Equans from French power group Engie as the family-owned group-- currently present in civil engineering, building, media and telecoms sectors-- seeks growth in energy shift and services.

Equans, which was combined with Bouygues' existing energies and services company, made up one 3rd of the group's sales last year.

Bouygues stated the energy arm prioritises margins and has actually a. selective method to building agreements for information centres,. solar farms and EV battery factories in Europe and the United. States, in addition to maintenance for industrial sites and public. buildings.

Immobilier was affected by the incredibly difficult market. conditions in France, CEO Olivier Roussat stated in a statement.

Immobilier's year-end backlog was down 32% from a year. earlier, with residential property reservations down 25% and. industrial home activity at a standstill as financiers delay. choices.

Bouygues said it had actually separated the posts of chairman and CEO. at the system, and delayed the launch of some jobs.

Bouygues stated it would propose a dividend of 1.90 euros per. share for 2023, up by 10 cents from a year earlier.

(source: Reuters)