May 12, 2020 / 5:36 AM / 14 days ago

French group Alstom warns of hit to results due to coronavirus crisis

PARIS, May 12 (Reuters) - French transport infrastructure company Alstom warned on Tuesday of a hit to its results for the 2020-2021 financial year due to the impact on its business from the coronavirus crisis.

Alstom, which earlier this year agreed to buy Bombardier’s rail division, said its adjusted earnings before interest and tax (EBIT) for the 2019-2020 financial year had risen 4% from last year to 630 million euros ($681.2 million).

However, Alstom added that the coronavirus crisis - which has hit many of the world’s transport networks - would negatively impact its orders, net profit and sales for the 2020-2021 financial year.

Alstom said that while it could not give a precise estimate regarding the impact from the coronavirus, it expected its objective of achieving a 5% average annual growth rate over the 2019/20 to 2022/23 period would be “slightly impacted”.

Alstom added it hoped to close its deal with Bombardier, which is subject to regulatory clearances, in the first half of 2021.

$1 = 0.9249 euros Reporting by Gwenaelle Barzic and Sudip Kar-Gupta; Editing by Muralikumar Anantharaman

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