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Prysmian's core profit up 14 pct in 2016 on energy, telecom cables growth
March 1, 2017 / 4:10 PM / 9 months ago

Prysmian's core profit up 14 pct in 2016 on energy, telecom cables growth

MILAN, March 1 (Reuters) - Italy’s Prysmian, the world’s largest cable marker, said on Wednesday 2016 core earnings rose 14 percent annually, meeting an analyst consensus provided by the company.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 711 million euros ($750 million), in the upper part of a 670-720 million euro range the group indicated as guidance last year.

The group’s sales rose 2.8 percent year-on-year to 7.57 billion euros, with energy projects and telecom cables driving growth.

The Milan-based group said that net debt was 537 million euros at the end of last year, sharply down from 750 million euros at December 2015. ($1 = 0.9476 euros) (Reporting by Francesca Landini and Massimo Gaia, editing by Valentina Za)

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