PARIS (dpa-AFX) - Air Liquide SA (AIQUY.PK) reported that its third-quarter revenues totaled 4.94 billion euros, down 0.3 percent from last year, as revenue was impacted by a currency impact that turned negative in the quarter.
However, revenue grew 3.5 percent on a comparable basis as compared with the year-ago period. It benefited from positive momentum in Gas & Services sales and the development of the Global Markets & Technology business, whereas the activity level in Engineering & Construction remained weak.
Gas & Services revenues in the quarter edged up 0.1 percent to 4.79 billion euros. On a comparable basis, gas & services revenue rose 4.0 percent. This reflected an acceleration in sales growth compared with the previous two quarters, despite the limited impact of the hurricanes in the United States. Excluding this impact, comparable growth reached 4.4 percent.
The developing economies posted strong growth, with Gas & Services revenue up 10.4 percent on a comparable basis.
Air Liquide noted that cumulated operational efficiency gains since the beginning of the year reached 229 million euros, in line with the annual target of more than 300 million euros.
The company also said that Airgas acquisition synergies were a few months ahead of annual forecasts thanks to quicker project execution.
Therefore, the Group has revised its synergies target upward for 2017 and now forecasts by year end 2017 a cumulated delivery of $195 million in synergies since the acquisition, compared to the $175 million previously announced.
Copyright RTT News/dpa-AFX