September 18, 2018 / 2:25 PM / 3 months ago

REFILE-Prysmian sticks to 2018 profit target despite ongoing Western Link woes

(Fixes typo in headline)

MILAN, Sept 18 (Reuters) - Italy’s Prysmian said on Tuesday ongoing problems at its Western Link project would not prevent the world’s biggest cable maker from meeting its core profit target for the year.

Prysmian in June had cut its target for adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) due to additional costs for Western Link, a contract to build a high-voltage cable connection from Scotland to England.

Though the issues with Western Link have not yet been solved, the Milan-based company said it was confident its full-year adjusted EBITDA would reach 860-920 million euros including the acquisition of U.S. rival General Cable.

The group said sales totalled 4.4 billion euros ($5.1 billion) in the first half. ($1 = 0.8553 euros) (Reporting by Francesca Landini, editing by Valentina Za)

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