November 7, 2019 / 6:27 PM / 12 days ago

Vard shipyard weighs on Fincantieri nine-month results

MILAN (Reuters) - Italian shipbuilder Fincantieri (FCT.MI) said its nine-month results were dented by a negative performance of its subsidiary Vard, which is undergoing reorganisation.

In the January-September period, earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 287 million euros, with a margin on sales of 6.7%.

“The results are impacted by the negative contribution of Vard, which suffers from the ongoing effect of the deep crisis of its reference market of Oil & Gas, and from the costs incurred following its entrance into the cruise shipbuilding market,” Chief Executive Giuseppe Bono said in a statement.

Any additional costs related to the overhaul of Vard will be included in the group’s full-year results, the company added.

Reporting by Francesca Landini

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