Prysmian adjusted earnings from its projects business unit, which includes submarine cables and systems, reached €97m in the first half of 2019, up from €69m in the same period last year.
However, the company said profitability of submarine cables and systems was impacted by the timing of installation activities and a less favourable mix of projects carried out, as well as undisclosed additional work that was needed to be carried out.
The first half of the year saw the company secure a €700m contract for the Viking Link interconnector between the UK and Denmark, as well as a €200m deal for the Vineyard Wind offshore wind farm in the US and a €140m contract for the Dolwin 5 project in Europe.
Overall, Prysmian made a net profit of €192m in the period across all its business units, compared with €80m last year.
The company said the result was boosted by a good performance in the energy and infrastructure and telecoms business segments.
Prysmian chief executive Valerio Battista said: “One year after the closing of the General Cable acquisition, our results in the first half of 2019 highlighted the significant contribution by North America to the group’s sales growth and improved profitability.
“The integration has been yielding considerable benefits at the level of both operating synergies and the business, due to the cross-selling opportunities and the important role it allows the group to play in serving strategic clients.
“There have also been positive signs in the projects segment: following several important offshore wind farm projects such as Vineyard in the US and Dolwin5 in Germany, the award of four of the five assigned lots of the Viking Link project for nearly €700m brought the overall value of projects awarded in the first seven months to over €1bn – the target we had estimated for 2019 full-year.”