March 5, 2020 / 5:17 PM / 23 days ago

Italy's Prysmian sees core profit broadly unchanged this year

MILAN, March 5 (Reuters) - Italy’s Prysmian said on Thursday its core profit would not grow this year after global trade tensions led to higher tariffs and a decline in global business sentiment.

The world’s largest cable maker said its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) would come in between 0.95 and 1.02 billion euros this year, versus 960 million euros ($1.1 billion) in 2019.

Last year’s EBITDA rises to 1.01 billion euros when including the positive effect of the IFRS16 accounting standards, matching the group’s official guidance of between 0.95 billion and 1.02 billion euros.

Prysmian said projections did not include “the impacts that the ongoing developments relating to the COVID-19 virus may have on business performance.” ($1 = 0.8928 euros) (Reporting by Giulio Piovaccari; editing by Valentina Za)

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