PARIS -(Dow Jones)- French holding company Wendel (MF.FR) said Thursday its first-half net profit rose 29% due to a good performance from all of the group's subsidiaries.
Net profit rose to EUR313.8 million from EUR243.2 million a year earlier.
Net profit from its investment in certification services business group Bureau Veritas (BVI.FR) rose 20% to EUR111 million from EUR92.7 million a year earlier.
Net income from French electrical equipment maker Legrand SA (1030781.FR) rose 11% to EUR75.6 million to EUR67.9 million a year earlier.
Wendel recorded a EUR67.1 million net profit from its investment in French construction materials group Compagnie de Saint-Gobain SA (12500.FR). The investment was included for the first time in Wendel's earnings. Wendel holds 21.5% of Saint-Gobain.
Wendel also maintained its targets for 2012. Wendel expects to double its revised net asset value by 2012 compared to 2006.
At the end of August, Wendel had a net asset value of EUR80 a share.
Wendel also said it "successfully increased its Saint-Gobain non recourse financings (with margin calls) by one year, bringing the maturities of those financings to 2011-2013 in line with Wendel's policy as long-term shareholder."
Company Web site: www.wendelgroup.com
-By Alice Dore, Dow Jones Newswires; +33 1 4017 1740; firstname.lastname@example.org
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=CDxCAp3sEgCl%2B%2BFOYHhCsg%3D%3D. You can use this link on the day this article is published and the following day.
Copyright (c) 2008 Dow Jones & Company, Inc.