Veolia net profits more than double to €321m

Waste management giant Veolia said Monday its profits in the first half of the year more than doubled to 321 million euros ($352 million), helped by a cost-cutting drive.

The French company, which specialises in water distribution, waste, recycling and energy, said its turnover also rose by 7.3 percent to 12.3 billion euros.

"All our indicators are in very clear growth... in only the first six months of the year the group has net results equal to the whole of 2014," said CEO Antoine Frerot in a statement.

Although the results are broadly in line with predictions, Veolia has also benefited hugely from the falling euro.

It claimed to have saved 110 million euros in the first six months from cutting costs, adding up the savings of 690 million it has made since the end of 2011.

The group aims to reduce costs by a total of 750 million euros by the end of the year.
Source: AFP