Saipem revenues, profits continue to slide

Italy’s Saipem on Friday posted a 20% fall in year-on-year revenues and a 23% fall in profits in Q1.

Revenues for the quarter were recorded at EUR 2.26 billion while net profits came out at EUR 112 million, just below the expectations of analysts surveyed by Thomson Reuters, whose predictions averaged at EUR 120 million.

The company, controlled by Eni and state fund FSI, lost some EUR 2.09 billion last year.

Company officials nevertheless said they remained optimistic, confirming guidance expectations for 2017 of EUR 400 million in capex, EUR 10 billion in revenues and a net profit of more than EUR 200 million.

“Q1 2017 has been a quarter of reliable delivery, despite markets that remain tough,” CEO Stefano Cao said in a statement. “We have strengthened the capital structure, and our new organisational structure will be fully operational during the second quarter.”