GTT Warns of Possible Coronavirus Delays, Beats Full-Year Guidance

by Sarah Morland February 27, 2020

French naval engineering company GTT said it could possibly see delays to vessel construction and revenue collection due to the coronavirus outbreak.

However, the group, which generates most of its revenues in Asia, said it had not observed any delay in vessel construction schedules to date.

The Paris-based company, which designs tanks for liquefied natural gas carriers, posted a marginally better than expected 2019 core profit of 174.3 million euros ($189.4 million), while revenue also narrowly beat expectations at 288.2 million euros.

The company had forecast full-year core profit of between 160-170 million euros on revenues of 260-280 million euros.

GTT said it expected revenue of between 375 million and 405 million euros in its next fiscal year, and a core profit of between 235 million and 255 million euros.

($1 = 0.9201 euros)

(Reporting by Sarah Morland in Gdansk; Editing by Kirsten Donovan)