Fincantieri: First Half Year Positive

Fincantieri has reported EBITDA of 56 million euro and EBIT of 22 million euro for the first six months of 2010, amounting to what it called “a positive result of 3 million euro pre non-recurring and extraordinary expenses.”

As of June 30, Fincantieri had an orderbook valued at 9.9 billion euro, which, although substantial, is insufficient to fully occupy its production capacity, the shipbuilder said in a prepared statement. Hence, the company plans lay-offs for this year and coming years in the production facilities that have workload shortages.

The order intake for the first six months amounted to 1.5 billion euro, up from 398 million euro in the same period last year, reflecting a slight recovery in the market, but still much less than in previous years, according to Fincantieri.  The company cited the two-ship order for Princess Cruises, which it said were awarded at “very competitive prices,” and, in the naval sector, two stealth vessels for the United Arab Emirates. In the U.S., Fincantieri secured orders for an oceanographic vessel and 39 small response boats for the Coast Guard.

For the remainder of 2010, the company expects to increasingly feel the impact of both the drop in the workload and the price pressure on new orders.

 

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