Avio Profit Up Partly On Strength of Civilian Business

Date : 07/19/2012 @ 9:34AM
Source : Dow Jones News
Stock : Boeing Company (The) (BA)
Quote : 186.79  -0.28 (-0.15%) @ 2:35PM

Avio Profit Up Partly On Strength of Civilian Business

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  By Gilles Castonguay 
 

MILAN--Avio, the Italian aerospace group planning a stock-market listing, Thursday posted a healthy profit rise for the first half of the year, partly on the strength of its civilian business.

Avio, which helps develop engines for passenger aircraft like Boeing Co.'s (BA) 787 Dreamliner, reported a 13% rise in adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, to 214 million euros ($263 million) for the period. The figure is adjusted because it excludes extraordinary items.

Revenue advanced 25% to EUR1.13 billion, while the order book remained unchanged from Dec. 31, 2011 at EU6.4 billion.

Adjusted net financial debt stood at EUR1.4 billion, flat with the amount at the end of 2011.

"First half-year results confirm the strength and resilience of our portfolio of programmes," Chief Executive Francesco Caio said in a statement. Avio also makes propulsion systems for rockets that carry satellites into orbit.

Avio, 15% owned by Finmeccanica SpA (FNC.MI), Italy's biggest defense and aerospace group, has previously postponed plans to list its stock in Milan because of the market volatility.

It has also attracted the interest of private equity firms like CVC Capital Partners.

Avio is 81% owned by another private equity firm called Cinven.

-Write to Gilles Castonguay at gilles.castonguay@dowjones.com

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