Fincantieri H1 Net Loss Shrinks to €22 Million

Italian shipbuilder Fincantieri posted a first-half net loss of €22 million ($24.35 million) shrinking it from €234 million a year ago, helped by one-off items of €33 million, the group said on Wednesday.

The Trieste-based vessel maker reported a half-year backlog at 22 billion euros, with 88 ships to be delivered up to 2029.

"The core business has an encouraging outlook, with the cruise sector fully recovered in its long-term growth path, potential new opportunities in defence both in Italy and abroad, and the offshore renewable energy mainstream," Chief Executive Pierroberto Folgiero said.

"We confirm 2023 forecast with full production capacity leading to the consolidation of revenues and margins, at around 5%, in line with the targets," he added in a statement.

($1 = 0.9033 euros)

(Reuters - Reporting by Romolo Tosiani, Luca Fratangelo; Editing by Keith Weir)