French utility Veolia is pledging to boost its profits over the next three to five years by disposing of a billion euros in assets annually and cutting costs faster than previously planned.

The world’s biggest listed water group, which also runs waste management and transport businesses, said net profit for last year rose 44 percent to 584 million euros, though that figure was boosted by disposals of assets.

Analysts were disappointed with the company’s targets and its shares fell.

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