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Italian aerospace giant Finmeccanica reports Q3 profit
by Staff Writers
Milan (AFP) Nov 08, 2012


Italian aerospace and defence giant Finmeccanica on Thursday reported a net profit of 75 million euros ($32 million) in the third quarter and confirmed its 2012 forecasts, following heavy losses last year.

Finmeccanica chairman Giuseppe Orsi said in a statement that the results confirmed "the encouraging improvement of the main indicators, and the recovery of profitability which was already emerging in the previous quarters.

"Notwithstanding the national and international context characterised by a growing uncertainty, these results are an important indication that the restructuring and efficiency plan is progressing as planned," he said.

Orsi added however that this year still represented "a delicate transition".

Finmeccanica's adjusted operating profits were 280 million euros in the third quarter, compared to a loss of 627 million euros in the same period in 2011.

Sales also rose by 8.0 percentage points to 4.1 billion euros.

The company registered a net loss of 780 million euros in the third quarter of 2011, mainly due to non-recurring expenses linked to the Boeing 787 programme which once excluded left a profit of 25 million euros.

Finmeccanica is forecasting revenue of up to 17.3 billion euros this year.

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