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Saint-Gobain Q1 Revenues Down 9.8%

French building materials company Saint-Gobain (CODGF.PK), Thursday reported first-quarter revenues of 9.36 billion euros, down 9.8% from 10.8 billion euros last year.

The company said like-for-like sales dropped 4.9 percent. The company said volumes declined 5.5%.

"Despite a good start to the year in the European Regions and in the Americas, March saw the effects of the coronavirus spread beyond Asia-Pacific to the rest of the world," the company said.

High Performance Solutions sales fell 8.4%, hit by slowing industrial markets and the initial impacts of the coronavirus, particularly in the automotive market in March.

Northern Europe stabilized over the quarter, slipping 0.2%, thanks to a good start to the year in January and February and a limited coronavirus impact in March, except in the UK during the last week of the month.

Southern Europe - Middle East & Africa reported an 8.9% decrease in sales. After a good start to the year in January-February, March was affected by the lockdown measures put in place across much of the Region.

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