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Italy's Finmeccanica switches to loss

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Italy's Finmeccanica switches to loss
Ajay Bhaskar / Finmeccanica photo: Shutterstock
08:19 CEST+02:00
Italian industrial and aerospace giant Finmeccanica on Tuesday reported a €12 million($17-million) first quarter loss compared to a €6.0 million profit a year earlier due to European and US defence cuts.

Finmeccanica said its revenues went to down five percent to €2.95 billion in the first quarter from the first three months of 2013 but the company reported new orders had gone up because of helicopter purchases.

The company, which has around 56,000 employees, said the results "confirm a satisfactory financial and operating performance in line with the guidance for the current year" and gave the group "good visibility".

Finmeccanica produces artillery, helicopters, jets, rockets, trains and space technology. It is considered Italy's biggest industrial group.

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