February 22, 2019 / 8:17 AM / 6 months ago

St Gobain shares fall after impairments hit net profit

PARIS (Reuters) - Shares in French construction materials group St Gobain fell on Friday after the company reported a slump in annual net profit, citing asset impairments amid uncertainty over the economic outlook.

St Gobain shares were down about 2.1 percent by 0803 GMT, having said late on Thursday that full-year net attributable profit fell 73 percent to 420 million euros ($476 million) after 2 billion euros of impairments.

“Results broadly in-line but weaker cashflow leads to higher than expected net debt,” wrote JP Morgan in a note, keeping a “neutral” rating on St Gobain shares.

Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas and David Goodman

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