Fincantieri, the listed Italian shipbuilding company that is the world’s largest builder of cruise vessels, said it expects its full year results to meet objectives as both revenues and EBITDA increased in the first quarter of the year.
Revenues rose to €167 million in the first three months of the year from €97 million in the same period year on, while EBITDA increase to €15 million from €11 million.
“The year-on-year growth is mainly attributable to the increase in the volumes of the cruise ships business due to the larger size of the vessels under construction (with cruise ship revenues now accounting for approximately 47% of the Group's revenues before consolidation adjustments),” the company said in a statement.
Shipbuilding margins confirm the positive trend, reporting further improvements due to the construction of more profitable cruise ships and to the positive contribution of the advancement of the activities related to Italian Navy's fleet renewal program
“Full year 2018 results are expected to be consistent with the 2018-2022 Business Plan targets. For 2018, the Group confirms a growth in revenues of 3/6% and an EBITDA margin around 7.5%, mainly related to higher profitability in shipbuilding,” Fincantieri said.