April 5, 2018 / 4:09 PM / 2 years ago

Prysmian CFO sees higher 2018 core profit despite forex hit

MILAN, April 5 (Reuters) - Italy’s Prysmian will post a higher core profit this year compared with 2017 despite the negative impact expected from currency swings, the CFO of the world’s largest cable maker said on Thursday.

* The group estimates that the weakening of the U.S. dollar seen so far will take 20-25 million euros ($24-31 million) off its earnings before interest, tax, depreciation and amortisation (EBITDA)

* The negative impact will be more than compensated for by a positive trend for telecoms cables, steady or slightly improving business at its energy projects division and a recovery in volumes at its energy products department

* “All in all we think 2018 will mark a further improvement (in EBITDA),” CFO Pier Francesco Facchini said, referring to core profit before the impact of its planned takeover of U.S. rival General Cable

* In 2017 Prysmian posted a 3.1 percent rise in adjusted EBITDA to 733 million euros.

* Facchini, who was speaking at an engineering conference in Milan, also said he hoped the acquisition of General Cable could be completed at the beginning of the third quarter ($1 = 0.8183 euros) (Reporting by Elisa Anzolin; writing by Francesca Landini; Editing by Adrian Croft)

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