Brief: Cenergy Holdings H1 loss narrows to 2.2 million euros

Cenergy Holdings

28/09/2017 16:53

Sept 28 (Reuters) - Cenergy Holdings SA  CENER.BR  
    * IN FIRST HALF OF 2017, CONSOLIDATED REVENUE DECLINED BY 
6.5% YEAR-ON-YEAR TO EUR 335 MILLION (H1 2016: EUR 358 MILLION) 
    * EBIT* OF EUR 13 MILLION IN H1 2017, COMPARED TO EUR 24 
MILLION IN FIRST HALF OF 2016; 
    * H1 LOSS OF THE PERIOD EUR 2.2 MILLION VERSUS PROFIT OF EUR 
5.2 MILLION YEAR AGO 
    * UK MARKET CONTINUES TO BE CHALLENGING DUE TO UNCERTAINTY 
ASSOCIATED WITH BREXIT. 
    * FURTHER DELAYS IN STEEL PIPES' PROJECTS GLOBALLY, DUE TO 
LOW OIL AND NATURAL GAS PRICES 
    * DELAY IN TURNKEY PROJECTS AND OFFSHORE EUROPEAN PROJECTS 
LEAD TO LOW LEVELS OF UTILIZATION OF FULGOR PLANT 
    * HIGH DEMAND FOR NEW OFFSHORE PROJECTS IN EUROPE, MAINLY IN 
NORTH SEA AND SOUTH EUROPE, EXPECTED TO DRIVE GROWTH IN CABLES 
SEGMENT 
    * PLANNED DELIVERY SCHEDULE IN STEEL PIPES SEGMENT IN H2 
2017 INDICATES POSITIVE PROSPECTS FOR YEAR OVERALL 
    * CENERGY HOLDINGS' COMPANIES REMAIN WELL-POSITIONED TO 
EXECUTE THEIR LONGER-TERM STRATEGIES FOR GROWTH 
 
Source text: http://bit.ly/2yvUBXh 
Further company coverage:  CENER.BR  
 
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