LONDON (dpa-AFX) - Colt Group S.A. (COLT.L, COLT) Thursday reported a decline in its half-year pre-tax profit to 5.2 million euros from 16.7 million euros last year. Profit before tax before exceptional items totaled 13.6 million euros.
Profit for the period attributable to owners of the company decreased to 2.4 million euros from 14.8 million euros a year ago. The firm reported a break-even earnings per share for the quarter compared with 0.02 euros last year. Before exceptional items, earnings totaled 0.01 euros.
Total revenue for the six-month period was down 2.3 percent at 770.4 million euros compared with 788.9 million euros in the year-ago period. This was mainly due to a contraction in the voice business from regulatory price declines and the exit from low margin reseller customers.
For the full year, the company has kept its earlier EBITDA guidance unchanged. The restructuring programme outlined in April has begun and the group remains on track to deliver targeted savings in 2014 and beyond.
Copyright RTT News/dpa-AFX