Italian cabling company Prysmian adjusted earnings in its projects business, which includes offshore renewables, was down just over 8% in the first three months of the year to €36m from €39m in 2019.
Sales in the segment fell almost 6% to €347m in the first quarter of 2020, from €368m in the same period last year.
Prysmian described the results as stable, adding that submarine cables and systems part of the projects unit had not suffered interruptions due to the Covid-19 pandemic.
However, the high voltage underground cables and systems business unit had been affected by a negative performance in the APAC Region and the pandemic.
Overall, the company posted adjusted EBITDA of €197m in Q1, down almost 15% on the €231m last year.
Net income was down over 77% to €20m from €89m in 2019.
Guidance for 2020 has been withdrawn because of ongoing unpredictability resulting from Covid-19.
Prysmian chief executive Valerio Battista said: “The extraordinary impacts of the Covid-19 pandemic were already visible in the final weeks of the first quarter and they will probably continue to unfold significantly in the second quarter, yet we are confident in the resilience of our organisation and our business.
“Our supply chain is proving highly responsive, and we can harness the strong differentiation of the markets and business sectors in which we operate.
“Important growth drivers like the energy transition are being confirmed, and securing contracts for over one billion to build the new ‘energy corridors’ in Germany confirms our position as an industry leader, as already shown with the completion of the France-Spain, Italy-France, and Germany-Belgium power connections.
“We will update our 2020 guidance as soon as greater visibility regarding the scenario becomes possible.”