Fincantieri holds firm

Newly-listed Italian shipbuilder Fincantieri has posted “stable” earnings in the first half of 2014.

The state-controlled group, which carried out an IPO in Milan this month, said net profit to 30 June was EUR 33m ($44.5m).

Revenue was up at EUR 1.98bn from EUR 1.89bn in 2013.

Pre-tax profit was up EUR 2m at EUR 142m.

New orders were worth EUR 3.44bn over the period, compared to EUR 1.84bn the year before, as it bagged new cruiseship orders.

The backlog increased to EUR 9.5bn from EUR 6.8bn.

CEO Giuseppe Bono said: "The first half of the year reports a continuously growing order intake and an upward trend in revenue in all the group's business segments.

“The conditions for a further stage in the company's development are therefore in place.”