MILAN, July 31 Italy's defence group
Finmeccanica on Thursday reported an 18 percent drop
in first-half core earnings after cuts in defence budgets,
mainly in the United States, hurt sales, but the company
confirmed its guidance for the full year.
This is the first set of results under CEO Mauro Moretti,
who was appointed by the government of Prime Minister Matteo
Renzi in a broad management reshuffle of state controlled
companies earlier this year.
Investors are keen to know about his strategy to revive the
heavily indebted company and a new business plan is expected by
the end of the year.
Adjusted core earnings, or before interest, tax,
depreciation and amortisation (EBITA) stood at 351 million euros
($470 million), while total revenues fell 1.1 percent to 6.6
New orders in the period stood at 7.18 billion euros, up 43
percent on the first half of last year, while net debt fell to
4.84 billion euros from 5.2 billion euros last year.
($1 = 0.7467 Euros)
(Reporting by Agnieszka Flak)