Air Liquide H1 Profit Up 1.1% On Comparable Basis; Revenue Up 1.7% Excl. Items

(RTTNews) - Air Liquide (AIQUY.PK) reported net profit Group share of 811 million euros in first half 2016, a decrease of 4.6% and 2.5% excluding currency impact. Excluding the impact of Airgas integration and excluding currency effects, net profit Group share was up 1.1% year-on-year. Net earnings per basic share were 2.36 euros, down 4.8% and 2.8% excluding currency impact year-on-year. Excluding Airgas and excluding currency impact, earnings per share was up 0.8%, slightly less than net profit due to the capital increase reserved for employees.

First-half operating income recurring was 1.38 billion euros, down 1.9% year-on-year. This amount includes a 64 million euros contribution from Airgas. Excluding the Airgas integration, operating income recurring fell by 6.5% and by 4.2% excluding currency impact.

Group revenue stood at 8.29 billion euros, up 2.2% on a reported basis year-on-year, sustained by the recognition of Airgas sales since 23 May 2016 but affected by a negative currency impact of 2.5% and by the unfavorable energy impact. Excluding currency and energy, revenue was up 8.0%. Revenue growth was 1.7% excluding Airgas, currency and energy. Gas & Services revenue was 7.62 billion euros, up 4.3% on a reported basis and up 10.6% excluding currency and energy impacts; on a comparable basis growth was up 3.6%.

Following the completion of the acquisition of Airgas, Air Liquide is confident in its ability to generate growth in 2016, both in net profit and in net earnings per share, including the effect of the capital increase planned for September/October.

Benoît Potier, CEO of Air Liquide, said: "This first half has been characterized by the completion of the Airgas acquisition, which will be accretive in 2016, and its first contribution to the Group's performance. In a context of moderate global growth, Gas & Services sales posted robust growth. Growth is the result of dynamic Electronics sales, higher volumes in Large Industries, and rising Healthcare business. This first half is also characterized by a negative currency impact and lower energy prices."