Prysmian recorded net profits of €78m in the first half of 2020, compared with €190m for the first six months of 2019.
Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €407m for the first six months of this year, compared with €492m in the first half of 2019.
Adjusted EBITDA stood at €419m compared to €521m for the first half of 2019, mainly attributable to the decrease in sales.
Sales of the projects segment, which includes submarine cables, totalled €708m for the first half of this year.
The -13.9% change in the segment compared to the same period in 2019 was mainly attributable to the Covid-19 pandemic, which slowed down the production and installation of high-voltage underground cables and to the phasing of the execution of submarine projects in the order backlog, said Prysmian.
Adjusted EBITDA for the division stood at €80m, compared with €97m in the first half of 2019.
Within the high voltage energy submarine cable and system business, the decline in sales was partially offset by a good project execution, Prysmian said.
The group is focusing on an “intense tendering activity aimed at further strengthening the project pipeline of its order book”.
The company said its 525kV P-Laser cable and new Leonardo da Vinci cable-laying vessel, under construction, is “strengthening its competitiveness in the energy transition challenge”.
Prysmian recently won three large contracts for the German Corridors projects, for a total value of approximately €1.8bn, which account for about 50% of total projects awarded.