CFE Says Profit Forecast Depends on Outcome of Building Projects

Cie. d’Entreprises CFE SA said its forecast to recover part of a first-half profit decline in the second half depends on a “positive outcome” of some building projects after third-quarter revenue declined 1.7 percent.

Full-year net income may decrease to about 52.5 million euros ($71.5 million) this year from 63.3 million euros in 2010 should there be no positive outcome or if projects are deferred, the Brussels-based company said in an e-mailed statement today.

Third-quarter revenue declined to 412.7 million euros from 419.9 million euros a year earlier even as sales at Dredging Environmental & Marine Engineering NV advanced about 6 percent in the period, according to nine-month figures published today by CFE. Net debt increased by 43 million euros in the quarter to 379 million euros at the end of September.

To contact the reporter on this story: John Martens in Brussels at jmartens1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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