GBL: nine-month net profit drops on market volatility
(CercleFinance.com) - Belgian holding company Groupe Bruxelles Lambert on Thursday reported lower net profit for the first nine months of the year.
GBL, owned by Belgian billionaire Albert Frere, said that its net result as of 30 September fell to 464 million euros, from 646 million euros in the same period of 2017.
The portfolio company said that the financial markets remained volatile in the third quarter, in a climate that is marked by "uncertainties" due to rising protectionist tensions and European political risks.
Despite this, GBL's net asset value rose 1.6% to 19.2 billion euros at the end of the third quarter.
In the absence of "major events," GBL expects to pay a dividend for 2018 that is at least in line with its level in 2017, the company said.
Its shares were down 2.8% on Euronext Brussels after these numbers.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
GBL, owned by Belgian billionaire Albert Frere, said that its net result as of 30 September fell to 464 million euros, from 646 million euros in the same period of 2017.
The portfolio company said that the financial markets remained volatile in the third quarter, in a climate that is marked by "uncertainties" due to rising protectionist tensions and European political risks.
Despite this, GBL's net asset value rose 1.6% to 19.2 billion euros at the end of the third quarter.
In the absence of "major events," GBL expects to pay a dividend for 2018 that is at least in line with its level in 2017, the company said.
Its shares were down 2.8% on Euronext Brussels after these numbers.
Copyright (c) 2018 CercleFinance.com. All rights reserved.