Sait-gobain: H1 2010 Sharp Upswing In Results

After a first quarter affected by very cold winter weather in Europe, trading rebounded sharply overall in the second quarter of 2010, with the Group reporting 3.9% organic growth.

This reflects both a significant upturn in sales volumes, which rose 3.1% after slipping 1.7% in the first quarter, boosted by a positive 1.4% impact due to the rise in the number of working days, and upward trends in prices, which gained 0.8% after falling 0.7% in the first quarter. All of the Group’s Business Sectors and activities contributed to the upswing, reporting a gradual improvement in market conditions as from March. In the second quarter as in the first, organic growth continued to be driven overall by emerging countries and Asia, along with businesses related to industrial output (each reporting double-digit organic growth in the three months to June 30).
Most of the Group’s businesses linked to construction markets in Europe and North America also reported a relative improvement in trading over the second quarter, in terms of both volumes and sales prices, partly due to a favorable basis for comparison. Household consumption remained stable over the first half. Overall, the Group’s organic growth for first-half 2010 came in at 1.0% (including a positive 0.9% volume impact and a positive 0.1% price effect).
Thanks to the cost savings achieved, Saint-Gobain’s operating margin widened significantly, to 7.4% versus 5.0% for first-half 2009, with a positive contribution from all of the Group’s major geographic areas.
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600450 Sait-gobain: H1 2010 Sharp Upswing In Results

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