June 27, 2018 / 1:27 PM / 4 months ago

Prysmian CEO says provisions booked so far on WesternLink will be enough

MILAN (Reuters) - Prysmian’s (PRY.MI) chief executive said provisions of 70.57 million pounds($93 million) booked so far on the troubled WesternLink project should be enough, confirming what sources told Reuters on Monday.

Prysmian CEO Valerio Battista spoke to reporters on the sidelines of a conference in Milan.

The world’s biggest cable maker revised down its guidance for 2018 profit on Friday after announcing 50 million euros in provisions due to technical issues at WesternLink. The group had already set aside 30 million euros on the WesternLink contract.

Battista also said on Wednesday a consortium for Prysmian upcoming rights issue had been formed, but did not specify if it would take place in the third quarter.

Reporting by Elisa Anzolin; writing by Francesca Landini

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