Italian cabling company Prysmian saw its sales fall in the first nine months of 2019 from its projects business, which includes subsea cables and systems, compared with the same period last year.
Sales in the projects segment declined 5.5% to €1247m from €1318m in 2018.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was €152m up over 10% on the €138m reported in the previous year, although the 2018 figure included a €70m negative impact from the Western Link project in the first half of the 2018.
Prysmian said the profitability of the submarine cables and systems business was chiefly impacted by the phasing of installation operations and additional work that “proved necessary”.
The company said it had achieved its 2019 targets for projects awarded, including the Viking Link, the Vineyard Wind offshore wind farm in the US and Dolwin5 project in Europe.
It added that the order backlog of the projects segment amounted to €2150m, up from €1900m in December 2018.
“The group is carrying out an intense tendering activity, particularly with reference to the opportunities arising on the transition to renewable and sustainable energy sources,” Prysmian said.
Overall, the company posted adjusted EBITDA of €733m, up 25% on the €601m reported last year, boosted by a good showing in telecoms and energy and infrastructure.
Sales stood at €8635m, down almost 1% on 2018’s €8712m, but operating income grew to €479m from €316m.