Fincantieri Posts $226M Loss

Italy's Fincantieri posted a 458 billion lire ($226.7 million) loss in 1999, but said the picture looked healthier in the first months of this year due mainly to greater efficiency. Fincantieri, a world leader in the construction of large cruise ships, posted a 1998 loss of 299 billion lire. The results for the whole of 1999 were the same as the loss Fincantieri made in the first nine months of last year. To cover that loss, Fincantieri reduced its capital to 200 billion lire and at the same time increased it to 800 billion lire.