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Earnings

Atlantia says virus will cut revenues by 3.5 billion euros in 2020

FILE PHOTO: An Atlantia Group sign outside its headquarters in Rome, Italy, August 31, 2018. REUTERS/Alessandro Bianchi/File Photo

MILAN (Reuters) - Italian infrastructure group Atlantia ATL.MI worsened its outlook on Friday, saying the coronavirus would reduce its 2020 revenue by 3.5 billion euros ($4.1 billion) compared with last year.

In August the group had indicated a possible drop in sales due to the pandemic of 3 billion euros.

The group also said that operating cashflow, after capital expenditure, would fall by 2.2 billion euros.

Atlantia is in talks with a consortium led by state-backed investors CDP to sell its 88% stake in motorway unit Autostrade per l’Italia, which came in the crosshairs when the highway bridge it managed in Genoa collapsed in 2018, killing 43 people.

Reporting by Francesca Landini; Editing by Crispian Balmer

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