Salini Impregilo says Q1 EBIT falls 10.7 pct

miércoles 14 de mayo de 2014 12:14 GYT
 

MILAN May 14 (Reuters) - Italian construction group Salini Impregilo said on Wednesday its earnings before interest and tax for the first quarter fell 10.7 percent to 45.1 million euros ($61.83 million) due to higher amortisation costs on some of its projects.

Italy's largest construction group said in a statement that revenues rose 6.2 percent to 859 million euros as execution on big projects more than offset delays in big contracts in Venezuela and in works to expand the Panama Canal.

New orders totalled 1.6 billion euros in the quarter.

Salini Impregilo confirmed its 2014 targets, which include a 10 percent rise in revenues and an EBIT margin of more than 5 percent.

Its largest shareholder is expected to cut its stake in Salini Impregilo by the summer in what could make it more attractive to institutional investors. ($1 = 0.7294 Euros) (Reporting by Danilo Masoni; editing by Agnieszka Flak)