Finmeccanica has slashed its losses in the first six months of the year and is hoping for further improvements during the remainder of 1998 as it lowers operating costs and undertakes heavy restructuring of its business.
The Italian aerospace and defence giant reported a loss of L568 billion ($351 million) in the first half of the year, compared with a deficit of L1,951 billion made last year, as the influence of new management at Finmeccanica started to have its affect on the company's accounts.
Turnover fell to L6,724 billion from L7,079 billion the previous year. Operating profit amounted to L147 billion, having stood at a loss of L80 billion last year.
An injection in June of new capital allowed the company to reduce debt significantly. The management says that is looking for increased turnover and improved efficiency this year.
Source: Flight International
