UPDATE 1-Prysmian 9-mth EBITDA down 32% down on weak sales

Thu Nov 5, 2009 5:44pm GMT
 
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* 9-mth adjusted EBITDA 292 mln euros, vs forecast 288 mln

* Sees full-year adjusted EBITDA of around 400 mln euros

* Shares close down 0.2 percent (Adds detail, shares)

MILAN, Nov 5 (Reuters) - Italian cable maker Prysmian SpA (PRY.MI), hit by weak sales in the downturn, posted a 32 percent fall in nine-month core profit and reiterated its full year-target.

"Even with the continuing scenario of market weakness the results confirm the group's capacity to preserve profit margins in the third quarter," chief executive Valerio Battista said in a statement on Thursday.

Prysmian said adjusted nine-month earnings before interest, tax depreciation, and amortisation (EBITDA) fell to 292 million euros ($434 million), just above the 288 million forecast in a Reuters poll.

Sales fell 17.5 percent to 2.78 billion euros, in line with a forecast for 2.79 billion. Net profit was down 12.1 percent at 204 million euros, versus a forecast for 184 million.

The company reiterated its 400 million euro target for full-year adjusted EBITDA but narrowed the forecast sensitivity to plus or minus 5 percent from 10 percent.

Prysmian shares closed up 0.2 percent at 12.15 euros ahead of the results. (Writing by Nigel Tutt; Editing by Dan Lalor) ($1 = 0.6734 euro)

 

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