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UPDATE 1-Ackermans net halves, cautious on outlook

Published 08/27/2009, 02:08 AM
Updated 08/27/2009, 02:12 AM
RECSI
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* H1 net pft 50.3 mln euros vs mkt expectation of 76 mln

* Says real estate, pvt equity still subject to slump

* Adds fifth segment to focus on "energy and materials"

(Updates with details, background)

BRUSSELS, August 27 (Reuters) - Belgian holding company Ackermans & van Haaren on Thursday missed market expectations with a 50 percent drop in net profit, and gave a guarded outlook for the rest of the year.

"The present economic crisis still calls for great caution," Ackermans said in its statement, noting that its financial services, dredging and newly created energy and materials segment offered good prospects despite the downturn.

"The real estate and private equity activities remain subject to the impact of the present economic recession and the strength of the potential recovery," Ackermans added.

It said it added the fifth segment for energy and materials to its reporting to reflect the rising importance of its holdings in that sector, and to convey its strategy to focus on emerging markets such as India, Brazil and Indonesia.

It said it also wanted to signal its push for sectors such as renewable energy and materials.

The holding company reported net profit of 50.3 million euros, versus a consensus forecast of 76 million euros based on the average estimates of five analysts polled by Reuters, and exactly half what it booked in the same period last year.

It said key factors in the drop included sharply lower contributions from holding companies, a decrease in contracting revenues and anaemic real estate activities relative to last year. (Reporting by Anne Jolis, editing by Will Waterman)

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