Bilfinger Berger raises earnings projection on sale of French unit
Submitted by William Kaelin on Mon, 10/20/2008 - 22:31.
German construction giant Bilfinger Berger on Monday evening raised its profit projection for this year to 185 million euros (250 million dollars), citing the sale of a French subsidiary.
The company's previous profit projection had been 140 million euros.
Bilfinger Berger said its sale of the French engineering construction company Razel for 137 million euros was expected to produce a bookkeeping profit of 90 million euros.
But the company would be setting aside some of that profit to cover risks in view of the general volatility in the building sector, Bilfinger Berger said.
Razel was acquired in 1995. The sale of the company to the French firm Fayat is still subject to approval of cartel authorities.
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