Rubis drops as interest rates, FX weigh on net profit
** Shares in Rubis RUBF.PA drop more than 7% as the French liquid products distributor posted H1 results impacted by interest rates, FX effects
** Rubis misses expectations cited by Portzamparc on H1 net profit, which is down 24% to 120 million euros ($133.38 million) vs 162 million euros expected by the broker, while H1 EBITDA falls 12% to 358 million euros, broadly in line
** The company cited an increase in interest rates, higher debt at Photosol, a solar energy company bought in December 2021, and a negative foreign exchange effect in Nigeria and Kenya
** "These three effects were expected but to a lesser extent," says Portzamparc, cutting FY net income forecasts
** The stock is second-worst performer on France's SBF 120 index .SBF120
($1 = 0.8997 euros)
Reporting by Michal Aleksandrowicz
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