Astaldi targets € 2 billion this year

Italian construction company Astaldi has reported a half-year increase in net profit of +15,3% year-on-year to € 31,1 million, for the period to June 30.

Its total revenue rose by +5,5% to € 976,3 million in the first half of the year, and the company confirmed its target of € 2 billion in revenue by the year end.

It said its net financial position stood at € 456,5 million and that this was a clear improvement on the figure for the first quarter of this year.

Astaldi said that its operating revenue was € 912,3 million - up +2,9% on the previous year - and it saw a strengthening of foreign activity. Italy accounted for € 401 million of operating revenue compared to € 433 million in the first half of 2009.

It said this partial slowdown in domestic activities was mainly a result of some projects experiencing technical and procedural problems that were in the process of being resolved.

Activity outside Italy generated €511 million of operating revenue - a rise from € 453 million at the end of June 2009. The company said this rise was linked with projects in progress in Turkey, Eastern Europe and Latin America.

A new business plan for the period 2010 to 2015 has been approved. Stefano Cerri, the Astaldi Group's chief executive officer, said, "We have doubled our revenues and order backlog over the last five years and, even given the unfavourable macroeconomic situations, we have constantly exceeded the set targets.

"Financial solidity, management know-how, well-identified growth drivers in relation to geographical areas and nature of contracts have represented the cornerstones of our success.

"The new business plan will steer the group towards a further growth phase which will see year-on-year improvement in the construction area accompanied by the ever-increasing value of Astaldi Concessioni."