Italian cable company Prysmian reported a slowdown in its submarine business, which includes offshore wind, in the first half of 2018 due to the postponement of some large projects until the end of the year and 2019.
However, Prysmian said its installation capacities had improved thanks to investment in new assets and technologies.
Energy project sales, which includes the submarine unit, reached €684m in the first six months of the year, up 1.8% on the previous year, but adjusted earnings were down to €50m from €118m.
The earnings fall was put down to €70m provisions for the Western Link project.
In Prysmian’s industrial and network components unit, renewables business declined in the first half of 2018, compared with the same period last year.
The drop was in the wind power segment and due to a reduction of low-margin volumes in China, the company said.
Overall group sales were up 2.7% on last year at €5782m, the company said.