Vinci Swung to 1st Half Net Loss, Expects Less Severe 2nd Half Earnings Decline

   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)

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