Impregilo returns to profit

Italian contractor Impregilo reported net profit for the six months to the end of June of €133 million, reversing last year’s half-year net loss of €28 million, amid a strong performance from its construction division.

Revenues grew to €1.16 billion, compared to €1.11 billion for the first half of 2012, while the total order book stood at €20.2 billion at 30 June.

Impregilo is finalising a merger with fellow Italian contractor Salini – a transaction that will result in a new listed company known as Salini Impregilo that is targeting consolidated revenues of €7.4 billion by 2016.

Impregilo CEO Pietro Salini said, “We have started a major turn-around which today places the company on solid economic and financial grounds. These results confirm the strategic importance of the Salini and Impregilo merger project.”