October 19, 2018 / 7:10 AM / in 7 months

Bouygues shares slump after French conglomerate's profit warning

The logo of Bouygues Telecom is seen at the entrance of a shop in Nice, France October 8, 2018. REUTERS/Eric Gaillard

PARIS (Reuters) - Bouygues’ (BOUY.PA) shares fell just over 7 percent in early trading on Friday after the French conglomerate lowered its full year operating profit forecast, citing difficulties at its construction businesses during the third quarter.

The family-controlled group - which also owns France’s biggest private TV broadcaster TF1 (TFFP.PA) and mobile phone company Bouygues Telecom - said late on Thursday it was now targeting a stable or a slightly lower current operating profit in 2018 versus 2017 for the company as a whole.

It had previously banked on an improvement in margins and profits at its construction unit, but said these would now fall. Financial director Philippe Marien said this was due to temporary setbacks, which did not change the better mid-term and long-term prospects for the division.

Reporting by Sarah White; Editing by Sudip Kar-Gupta

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