Fincantieri Q1 Profit Jumps 27%

Italian shipbuilder Fincantieri on Thursday reported a 27.3% rise in first-quarter core profit to 101 million euros ($122.06 million) and confirmed its guidance for the full year.

Revenue stood at 1.43 billion euros, a 9.1% increase compared to the first quarter last year when production at the group's Italian shipyards was suspended in March due to a national lockdown to contain the spread of the coronavirus.

The order intake stood at 300 million euros in the January-March period.

Net debt rose to 1.62 billion euros from 1.06 billion euros at the end of December due to ship delivery deferrals agreed with clients but should go back to 2020 levels by the end of this year, the company added.

($1 = 0.8275 euros)

(Reporting by Elisa Anzolin; editing by Agnieszka Flak)