CMC DI RAVENNA - 2Q16 RESULTS
We found the 2Q16 results released by Cmc di Ravenna, Italy’s 5th-largest construction firm, encouraging although longterm issues (geographical mix, liquidity) remain.
2Q16 was essentially a quarter of transition as previously delivered contracts were not yet replaced by recently won projects, expected to ramp up from 3Q. Revenue therefore tumbled by 31% yoy to €225m. In Italy (44% of sales), signs of recovery are scarce amid public authorities’ efforts to rein in deficits. Meanwhile, activity in Africa (35% of sales) took a hit from the recent low order intake driven by sliding commodity prices...
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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