Automated Accounts Payable provider Glantus Holdings raises 14M and successfully floats on AIM. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

France's Vinci flags second-half earnings fall despite improvements

Tue, 20th Oct 2020 17:59

PARIS, Oct 20 (Reuters) - French infrastructure group Vinci
expects earnings to continue falling in the second
half of the year, as weakness at its pandemic-ravaged airports
business outweighs signs of a recovery in construction and
motorway traffic.

The owner of London's Gatwick airport said on Tuesday the
earnings decline should be less steep than in the first six
months of 2020, when revenue fell 15% and operating income was
down nearly 90%. It expects to return to growth in 2021.

Vinci said revenue fell 6.4% to 12.3 billion euros ($14.5
billion) in the third quarter. It managed to contain some of the
fallout from the COVID-19 pandemic after construction projects
restarted, and its contracting unit, which operates in areas
like energy, picked up steam too.

But its airports business - hit hard by measures to control
the pandemic, despite an easing of restrictions in recent months
- remained under pressure, including as governments take new
steps to contain the virus' spread.

Vinci said it now expected the fall in passenger numbers to
reach 70% this year, compared to its previous forecast for a 65%
fall.

CEO Xavier Huillard told a conference call that the group,
which made a 5.2 billion euro bid earlier this month for Cobra,
an industrial unit held by Spanish engineering and
infrastructure group ACS's, was now at the due
diligence phase of the deal.

($1 = 0.8459 euros)
(Reporting by Sarah White; Editing by Mark Potter)

More News

IN BRIEF: Cineworld receives USD255 million judgement for Regal claim

IN BRIEF: Cineworld receives USD255 million judgement for Regal claim

Today 19:18

LIVE MARKETS-When looking at valuations, investors have sticker shock

* U.S. indexes advance; Nasdaq gaining ~2%, chip index up ~3%* All major S&P 500 sectors green: energy, tech lead* Dollar falls; gold, crude rise; Bitcoin back over $50k* U.S. 10-Year Treasury yield ~1.65% Welcome to the home for real-time coverage...

Today 18:54

LIVE MARKETS-In the final stretch of earnings, it's retailers

* U.S. indexes up, led by Nasdaq* All major S&P 500 sectors green: energy, tech lead* Euro STOXX 600 index ends up ~1.2%* Dollar falls; gold, crude gain; Bitcoin back over $51k* U.S. 10-Year Treasury yield ~1.65% Welcome to the home for real-time co...

Today 18:30

UPDATE: Indian variant could pose "serious disruption" - UK PM Johnson

UPDATE: Indian variant could pose "serious disruption" - UK PM Johnson

Today 18:30

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.