ROME (Reuters) - The difficulties that arise from the coronavirus outbreak will affect Prysmian’s (PRY.MI) second-quarter results, Chief Executive Valerio Battista was quoted as saying on Wednesday, adding, however, that the company’s solidity was not at risk.
“We expect that the difficulties accumulated in these months will have a (negative) impact on second-quarter results,” Battista said in a report by newspaper Il Sole 24 Ore.
The CEO said that the group, the world’s largest cable maker, has kept strategic investments but has cut short-term ones and those deemed as not essential, because “the priority is to protect cash flow”.
“This year’s results will suffer from the (virus) crisis but the financial and capital solidity of the group is out of the question,” Battista added.
Reporting by Giulia Segreti; Editing by Muralikumar Anantharaman