Prysmian Profit Down 25 Pct
Cable manufacturer, Prysmian, has reported net profit of EUR 135 million for the first nine months of 2014, which is 25.1% lower comparing to the same period last year.
“The results for the first nine months of 2014 show generally stable profitability, excluding the adverse impact of the Western Link project,” explains CEO Valerio Battista.
Excluding the impact of Western Link, the company would have made 6.7% increase in net profit for the same period.
Furthermore, EBITDA was also down 19.8% at EUR 355 million, as well as operating income at EUR 249 million, 25.3% lower.
However, sales saw an increase of 0.2% in this period, totaling to EUR 5,014 million.
The outlook for underground and submarine power transmission cables and systems remains positive, with an order book of close to €3 billion.