Atlantia Swung to 1st Half Loss as Coronavirus Hit Travel
05 Agosto 2020 - 5:54AM
Dow Jones News
By Cecilia Butini
Italy's Atlantia SpA said late Tuesday that it swung to a loss
for the first half of 2020 as lockdowns put in place to curb the
coronavirus pandemic affected travel.
The infrastructure operator--which managed the highway viaduct
in Genoa, Italy that collapsed in 2018--posted a loss of 772
million euros ($911.3 million) for the period, down from a profit
of EUR594 million for the first half of 2019.
Total operating revenue dropped to EUR3.71 billion from EUR5.6
billion, it said. Atlantia generates income from motorway tolls,
airport operators and airport concessions. It said the drop in
operating revenue reflects a reduction both in motorway and in
airport traffic during the pandemic.
Toll revenue fell to EUR1.16 billion from EUR1.76 billion in the
first half of 2019.
Atlantia's decision to exempt motorists in the Genoa area from
toll payment in the wake of the collapse of the Polcevera highway
bridge in August 2018 resulted in a reduction of toll revenue of
EUR7 million in the first half of 2020 compared with a EUR10
million decline in the same period last year, the company said.
Atlantia posted a loss before interest and taxes of EUR735
million in the first half, compared with earnings before interest
and taxes of EUR1.54 billion.
The company said the traffic decline is affecting its ability to
generate sufficient cash to fund planned investment, and that "it
is not possible to predict how the situation will develop, or how
long it will take to return to the group's pre-existing levels of
traffic and of activity."
Atlantia estimated a EUR3 billion decline in revenue for the
year.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
August 05, 2020 04:39 ET (08:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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