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Coface: H1 sales resist, net income halved

( - Coface has reported H1 2020 consolidated sales of 724.
6 million euros, down -0.6% LFL compared to the first half of 2019.

In published data (current consolidation scope and exchange rates), sales fell by 1.1%.

Operating profit came in at 55.4 million euros in the first half of the year, down 52.8% y-o-y. Net income (group share) reached 24.0 million euros, including 11.3 million euros in Q2 2020.

"Coface's operations continue to be supported by a solid balance sheet. The solvency ratio reached 191%3 (183%1 excluding government schemes). These levels are above the target range of 155% to 175%," the company said.

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