Prysimian continues with healthy growth

ERJ staff report (DS)

Milan, Italy - Prysimian SpA, the former Pirelli Cables business - has reported healthy results for the 12 months ended December 2008, despite a deterioration of business in the second half.

The company marginal increase in sales to euro 5144 million from euro 5118 million. Operating income fell by around 10 percent, to euro 448 million from euro 508 million. Net income remained positive at euro 235 million, compared with euro 302 million a year ago.

Prysimian said, “The year 2008 witnessed a steady deterioration in the market, with the first part of the year generally stable, followed by evident signs of the crisis during the third and fourth quarters.”

The company said, “Performance was particularly positive in the Utilities business, reporting

organic growth of 12.1%, driven by the high voltage underground and submarine cables segment which grew by more than 30.0%. This is a very satisfactory result, achieved in the Group's more strategic business which significantly contributes to overall profitability.”

It continued, “This business will increase its strategic role thanks to its positive medium-term prospects even in a weaker market environment. In fact, the stimulus packages passed by the US and Chinese governments and by the European Union include investments in excess of USD 150 billion to upgrade power generation infrastructures and power transmission and distribution networks, particularly for renewable energy.”

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Press release from Prysimian