French waste management group Veolia recorded a 6.4 percent increase in year-over-year net income from the first half of 2015 to the same time frame this year, according to the company’s latest earnings report released Monday.
Veolia reported a 1 percent decline in year-over-year revenue, recording $13.4 million (€12 million) for the first six months of the year, compared to $13.7 million (€12.3 million) for the same period in 2015. The latest earnings report otherwise showed strong results for the company, which blamed the decrease in revenue on unfavorable exchange rates, lower energy prices, and reduced construction activity.
The company’s year-over-year net income grew from $358 million (€321 million) in the first half 2015 to $382 million (€342 million) in 2016, according to the results. The company also reported a drop in net financial debt from $10.3 million (€9.2 million) in 2015 to $9.7 million (€8.7 million) for the first six months of 2016. EBITDA was up 5.6 percent, from $1.7 million (€1.5 million) in the first half 2015 to $1.8 million (€1.6 million) in 2016.
“The results achieved during the first half of 2016 were once again satisfying,” Veolia Chairman and CEO Antoine Frérot said in Monday’s announcement. “We continue to see the benefits of strict management, with savings ahead of our plan, which translated into further margin improvement and an increase in all our results.”
