May 14, 2020 / 5:55 PM / 19 days ago

Fincantieri says to delay delivery dates to safeguard order backlog

MILANO, May 14 (Reuters) - Italy’s Fincantieri said on Thursday it will discuss with shipowners possible delivery postponement of units in its portfolio to avoid cancellations of already acquired orders as a result of the coronavirus outbreak’s hit on the cruise industry.

Fincantieri, whose production activities were halted after governments imposed lockdowns to limit the spread of the virus, said first quarter core profit - earnings before interest, taxes, depreciation and amortisation (EBITDA) - fell 22% to 72 million euros compared to the same period a year earlier.

The state-controlled shipbuilder, whose revenues fell 4.5% to 1.3 billion euros in the quarter, added that full year results would be impacted by lower productivity at its shipyards, higher expenses for employees safety, extra costs linked to supply chain disruption and to the reassessment of ships delivery dates.

Fincantieri added that its 2020-2024 business plan will be presented “as soon as the developments of the emergency allow a clearer evaluation of its possible impacts”. (Reporting by Elisa Anzolin; editing by Agnieszka Flak)

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