Construction group St. Gobain keeps outlook as half-year profits rise

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Construction group St. Gobain keeps outlook as half-year profits rise

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PARIS (Reuters) – French building materials group St Gobain <SGOB.PA>, which was hit by a cyber attack earlier this year, maintained its financial targets as it posted a rise in half-year profits slightly below the consensus forecast. St Gobain said first-half recurring net income rose 20.4 percent from a year ago to 751 million euros (670.41 million pounds), while revenue advanced by 4.4 percent to 20.4 billion euros. According to the consensus forecast compiled for Reuters by Inquiry Financial, analysts had forecast a net income of 819 million euros and revenues of 20.6 billion. In June, St Gobain fell victim to a global cyber attack that spread from Ukraine across the world, paralysing thousands of machines worldwide, and shutting down ports, factories and offices as it spread through internal organisational networks to an estimated 60 countries. St Gobain said the cyber-attack was estimated to have had a negative impact of 220 million euros on first-half sales and of 65 million euros on first-half operating income. Over the full year, the negative impact of that cyber attack was estimated at less than 250 million euros on sales and 80 million on operating income.

(Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)
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