Vinci Swung to 1st Half Net Loss, Expects Less Severe 2nd Half Earnings Decline
July 31 2020 - 2:18AM
Dow Jones News
By Sarah Sloat
Vinci SA said Friday the decline in earnings in the second half
should be less pronounced than in the first, when it swung to a net
loss due to the coronavirus pandemic.
The French construction and infrastructure company said its net
loss for the first half was 294 million euros ($348.3 million)
compared with a profit of EUR1.36 billion for the same period last
year. Revenue declined about 15% to EUR18.49 billion.
"After a good start to the year, continuing the trend seen in
2019, the group's business levels and earnings were badly affected
by the Covid-19 pandemic," Chief Executive Xavier Huillard
said.
The company expects earnings to slip in the second half
year-on-year, but the decline should be "much less pronounced" than
that of the first half.
For 2021, Vinci expects earnings to rise relative to 2020, but
remain below the 2019 level, it said.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
July 31, 2020 02:03 ET (06:03 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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