CFE drops after weak half-year EBITDA, 2023 outlook cut

Compagnie dentreprises CFE SA

30/08/2023 09:20

** Shares of CFE  CFEB.BR  fall 5.6%, on track for worst day
in almost a year, after the Belgian construction group reported
a 28.1% YoY drop in H1 core profit
    ** CFE's H1 EBITDA came in at 20 million euros ($21.74
million), while its orderbook declined 16.2% to 1.44 billion
euros, as property developers postponed projects due to
uncertain economic environment
    ** It cuts FY23 outlook due to negative market trends in
Belgium and Luxembourg, also pointing to the short-term weakness
of rail activities in its MOBIX division
    ** The stock, down 12.8% YTD, is headed for worst day since
Sept. 26, 2022 if losses hold
($1 = 0.9201 euros)

 (Reporting by Lina Golovnya)
 ((lina.golovnya@thomsonreuters.com))