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Cable maker Nexans takes charge for poor macro environment
January 22, 2015 / 7:42 AM / 3 years ago

Cable maker Nexans takes charge for poor macro environment

PARIS, Jan 22 (Reuters) - French cable maker Nexans said it would take a 197 million euro ($228 million) charge against its 2014 accounts to reflect the deteriorating situation of the macroeconomic and financial environment in 2014, particularly in the second half.

It cited the impact of lower oil and raw material prices and “political developments in some countries.” On Oct. 1 last year, the company reported a downturn in European demand and cut its forecast for full year profits.

The charge will be taken on a non-cash basis and the current consensus of analysts’ operating profit forecasts for 2014 is a “reasonable vision,” it said.

Analysts’ operating profit forecasts published on the Nexans website range from 131 to 144 million euros. For 2015 they range from 180 million to 215 million euros.

Reporting by Gwenaelle Barzic, writing by Andrew Callus; Editing by Nick Vinocur

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