Bouygues profit tops estimates, returns to pre-pandemic levels

COLAS SA

16/11/2021 06:32

Nov 16 (Reuters) - French conglomerate Bouygues  BOUY.PA 
reported on Tuesday a core profit that beat expectations in the
first nine months of the year, as a rebound brought it back to
pre-pandemic levels.
    The group posted a current operating profit of 1.14 billion
euros ($1.30 billion), compared with a profit of 681 million
euros from the year-ago period. Profit came in above analysts'
estimate of 1.13 billion euros in a company consensus. 
    After the pandemic slowed business early last year, Bouygues
quickly narrowed its losses due to accumulated orders in its
construction business and a rapidly growing telecoms unit.
    The Paris-based company pointed to stronger profit at its
broadcast business TF1  TFFP.PA  and construction arm Colas
 COLP.PA , as well as higher customer base at Bouygues Telecom.
    TF1, in which Bouygues holds a controlling stake, had in
late October raised its full-year outlook as demand for TV
advertising bounced back from pandemic lows.  urn:newsml:reuters.com:*:nS8N2LZ04K
    TF1 is planning to merge with M6  MMTP.PA , a deal which
would by the end of next year combine France's two biggest
private broadcasters and see the joint entity control
three-quarters of the country's TV advertising market.
    Bouygues has also agreed to buy the services arm of French
energy group Engie  ENGIE.PA , a deal which would be its largest
ever acquisition and would make Bouygues' new Energies &
Services arm its largest business division.
    The group confirmed its outlook for 2021.

    ($1 = 0.8790 euros)

 (Reporting by Juliette Portala and Sarah Morland; Editing by
Sherry Jacob-Phillips)
 ((juliette.portala@tr.com ; +48 58 769 66 07))