On Thursday, shares in Bouygues SA (EPA:BOUY) plunged after the French industrial company scrapped its profit margin target for its Colas construction unit due to macroeconomic headwinds.

Bouygues said it no longer expects Colas to register an operating margin of 4 per cent in 2023. The Paris-based company now sees the division reporting an unspecified annual growth. Current operating profit is expected to remain above its 2021 level.

On a group-wide basis, sales in the nine-month period to September 30 leapt by 8 per cent relative to the same period last year to €29.7 billion (€1 = USD 1.0360).

Meanwhile, net profit attributable to the company plunged by more than 10 per cent to €537M, reflecting a €106M charge due to costs related to acquisitions and mergers.

However, the company confirmed its 2022 financial guidance for growth in both current operating profit and sales.