Bouygues says economy, telecoms push 2014 profit lower

PARIS: French conglomerate Bouygues posted lower 2014 operating profit on Wednesday in the face of a stagnant domestic economy and a price war which weighed on its telecoms unit.

The group, which also operates road building and television broadcasting businesses, said it expected economic and competitive conditions to stay challenging this year and that all its businesses would prioritise a return to growth in 2016.

Current operating profit reached 888 million euros ($1.01 billion) last year, against a restated 1.319 billion in 2013, Bouygues said in a statement.

Sales stood at 33.138 billion euros, broadly unchanged from 33.121 billion a year earlier.

This compared with company-compiled average estimates from analysts of operating profit of 855 million euros on sales of 32.991 billion.