Fincantieri Orders Soar After Profit Report

Italian state-held shipbuilder Fincantieri SpA, the world's largest maker of luxury cruise ships, said its net profit was EUR26.5 million in the first half, in line with the figure for the same period in 2006. New orders rose by a record of EUR2.7 billion, up 34% from a year ago, bringing its total order book to EUR10.6 billion. Gross operating profit rose 26.3% to EUR76.8 million in the first half, the company indicated. Fincantieri is planning an initial public offering in 2008, but the company's time table could slip after the Italian government said labor unions must approve Fincantieri's business plan. [Source: Dow Jones]