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UPDATE 1-France's Wendel back to H1 profit

Published 09/01/2010, 02:06 AM
Updated 09/01/2010, 02:08 AM

* H1 net profit 124.5 mln eur vs loss 959.8 mln yr ago

* Net asset value 63.2 euros/shr as of Aug. 25

(Adds details)

PARIS, Sept 1 (Reuters) - French investment group Wendel swung back to a net profit of 124.5 million euros ($157.4 million) in the first half as the companies in which it holds shares returned to growth.

Wendel had made a net loss of 959.8 million euros in the same period a year ago, hit by writedowns in the value of its holdings.

"All group companies returned or remained on the growth track at a faster and more significant pace than expected," Wendel said in a statement.

Consolidated sales rose 10.3 percent to 2.71 billion euros while net asset value as of Aug. 25 stood at 63.2 euros per share, up 19 percent compared to end-December 2009. (Reporting by Dominique Vidalon; Editing by Michael Shields)

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