LONDON (dpa-AFX) - DCC Plc (DCC.L), Irish international sales, marketing, and support services company, said on Thursday that its first-quarter operating profit was, as expected, modestly ahead of the last year.
In addition, the company has announced that DCC Energy has completed the sale of a majority stake in its liquid gas business in Hong Kong & Macau to CITADEL Pacific Ltd, an Asian private holding firm.
The transaction values DCC's business at an initial enterprise value of around $150 million, on a debt-free, cash-free basis.
The Irish firm has received $105 million in cash on completion, with the balance of consideration represented by a retained minority stake in the combined operations.
The liquid gas business had represented around 2 percent of DCC's operating profit for the year ended on March 31.
Looking ahead, for the full year, the company said that it still expects to report strong operating profit growth and continued development activity.
DCC intends to release its first-half earnings report on November 12.
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