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Italian shipbuilder Fincantieri reports rise in first half core profit

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By Reuters
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MILAN (Reuters) – Italian shipbuilder Fincantieri <FCT.MI> 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 (£2.53 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.

(Reporting by Francesca Landini; Editing by Susan Fenton)

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