April 10, 2019 / 4:18 PM / a month ago

Prysmian to re-examine 2018 results after latest WesternLink issue

MILAN, April 10 (Reuters) - Italian cable maker Prysmian said on Wednesday it needed to re-examine financial statements approved last month given latest difficulties with the WesternLink submarine connection and after claims submitted following an anti-competition probe.

The protection system on the WesternLink high-voltage power cable between Scotland and England operated by Prysmian tripped during the commissioning phase, raising fresh doubts about the infrastructure that already weighed on the company’s shares and hit 2018 financial results.

Prysmian said the latest episode could impact its 2018 earnings at the adjusted EBITDA level to the tune of 60-80 million euros.

The company canceled a shareholder meeting scheduled for this month and its board will meet on April 17 to examine the situation and decide on the financial statement impact.

Reporting by Agnieszka Flak

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