Italy's CIR Q1 core profit down 49 percent
MILAN, April 30 (Reuters) - Italian industrial holding CIR (CIRX.MI) posted a 49 percent fall in core first-quarter earnings, as the economic crisis took its toll on margins at its main units.
Full-year results will be impacted by the recession, with the group's auto unit Sogefi (SGFI.MI) particularly feeling the effect along with media unit L'Espresso (ESPI.MI), CIR said on Thursday.
January-March earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 59.3 million euros ($78.6 million), on sales down 5.4 percent to 1.138 billion.
Net profit rose 12.7 percent to 19.5 million euros, thanks in large part to profit at energy unit Sorgenia, its biggest single asset, and the partial sale of its Medinvest asset.
Debt at the end of March was 1.837 billion euros, up from 1.685 billion at the end of December.
Shares were up 4.6 percent at 1.00 euros at 1001 GMT. The DJ Stoxx utilities index .SX6P was 1.6 percent firmer. (Reporting by Stephen Jewkes; Editing by Dan Lalor) ($1 = 0.7547 euro)
