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BRIEF-Cenergy Holdings H1 loss narrows to 2.2 million euros
September 28, 2017 / 4:19 PM / 24 days ago

BRIEF-Cenergy Holdings H1 loss narrows to 2.2 million euros

Sept 28 (Reuters) - Cenergy Holdings SA

* IN FIRST HALF OF 2017, CONSOLIDATED REVENUE DECLINED BY 6.5% YEAR-ON-YEAR TO EUR 335 MILLION (H1 2016: EUR 358 MILLION)

* EBIT* OF EUR 13 MILLION IN H1 2017, COMPARED TO EUR 24 MILLION IN FIRST HALF OF 2016;

* H1 LOSS OF THE PERIOD EUR 2.2 MILLION VERSUS PROFIT OF EUR 5.2 MILLION YEAR AGO

* UK MARKET CONTINUES TO BE CHALLENGING DUE TO UNCERTAINTY ASSOCIATED WITH BREXIT.

* FURTHER DELAYS IN STEEL PIPES’ PROJECTS GLOBALLY, DUE TO LOW OIL AND NATURAL GAS PRICES

* DELAY IN TURNKEY PROJECTS AND OFFSHORE EUROPEAN PROJECTS LEAD TO LOW LEVELS OF UTILIZATION OF FULGOR PLANT

* HIGH DEMAND FOR NEW OFFSHORE PROJECTS IN EUROPE, MAINLY IN NORTH SEA AND SOUTH EUROPE, EXPECTED TO DRIVE GROWTH IN CABLES SEGMENT

* PLANNED DELIVERY SCHEDULE IN STEEL PIPES SEGMENT IN H2 2017 INDICATES POSITIVE PROSPECTS FOR YEAR OVERALL

* CENERGY HOLDINGS’ COMPANIES REMAIN WELL-POSITIONED TO EXECUTE THEIR LONGER-TERM STRATEGIES FOR GROWTH Source text: bit.ly/2yvUBXh Further company coverage: (Gdynia Newsroom)

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