Finmeccanica nine-month net profit falls 12 pct


Italy’s largest defence and aerospace company Finmeccanica said profit fell 12 percent in the first nine months of the year, as higher taxes offset lower financial charges.

The company also reiterated its financial targets for the year.

The Rome-based company, which assembles military jets and builds electronic warfare systems, reported profit of 321 million euros for the nine-month period, down from 364 million a year earlier, reports Reuters.

Revenue rose 2.2 percent to 12.92 billion euros, boosted by higher production at its helicopters and defence and security electronics unit. The company said its order backlog was enough to cover over 95 percent of expected production in the last three months of the year.

Adjusted earnings before interest, taxes and amortisation fell 3 percent to 856 million euros, dragged down by the performance at its aeronautics and energy units.

Finmeccanica has been cutting costs and stepping up its focus on emerging markets like Brazil and India to offset a sluggish economy and weakness in defence spending in more mature markets elsewhere.