July 24, 2019 / 5:35 PM / 25 days ago

Italian shipbuilder Fincantieri reports rise in first half core profit

MILAN, July 24 (Reuters) - Italian shipbuilder Fincantieri reported on Wednesday a 17% rise in first-half core profit as the company delivered several cruise ships made by its main shipbuilding division.

Revenue rose 12% year-on-year to 2.84 billion euros ($3.2 billion) and the group said first-half results were in line with its guidance for the whole of 2019 and its 2018-2022 business plan.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased to 215 million euros for January-June, with the sales margin improving compared with the same period of last year.

Adjusted net profit for January-June, however, dropped to 34 million euros, from 39 million euros a year earlier as the group incurred extraordinary costs due to a litigation.

Fincantieri signed off on a 50-50 joint-venture with France’s military shipbuilder Naval Group in June with the goal of bidding for Franco-Italian warship projects and selling to the world market. ($1 = 0.8971 euros) (Reporting by Francesca Landini; Editing by Susan Fenton)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below