CRUNCHED
- From: Vol 9, Issue 11 (November 2008)
- Category: Need to know
- Region: Europe
- Country:
* Veolia did its best to destroy the reputation of the water industry as a safe haven in troubled times by issuing its second profit warning of the year just ahead of its third quarter results.
It was supposed to be a steady business based on government contracts offering good earnings visibility, but the company announced on 20 October that it too had been hit by the credit crunch. Volumes and prices in its European solid waste division were steeply down, while a wet summer and delayed tariff increases had hit the water business. Shares, which ...
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