Air Liquide SA posted double-digit year-over-year growth in first-half net profit despite seeing revenues decline.

Net profit group share rose 12.1% year over year to €1.04 billion in the first half of 2018 from €927.8 million. EPS came in at €2.43, compared with €2.17 in the year-ago period.

Revenue was at €10.16 billion in the first half, down 1.3% from nearly €10.30 billion in the year-ago period. Recurring operating income slipped 2.3% to €1.62 billion from €1.66 billion.

The company said the currency impact was strongly negative over the half, mainly due to the appreciation of the euro against the U.S. dollar.