© Reuters. FILE PHOTO: The emblem of Vinci is pictured on the firm’s headquarters in Rueil-Malmaison close to Paris, France, April 22, 2020. REUTERS/Charles Platiau
(Reuters) -France’s Vinci expects internet earnings this yr to exceed its pre-pandemic degree in 2019, helped by a restoration in its airports arm that ought to carry these earnings near breakeven.
Though earnings in 2021 had been greater than double these in 2020, the infrastructure group’s annual internet earnings final yr was nonetheless about 20% under 2019 ranges at 2.60 billion euros ($2.98 billion).
The bulk proprietor of London’s Gatwick airport stated it anticipated passenger numbers at its airports to get better in 2022 to round 60% of their 2019 ranges, bringing the unit’s internet earnings near breakeven, except the COVID-19 well being disaster worsens once more.
Chief Govt Xavier Huillard stated in an announcement that passenger numbers had progressively improved from summer season within the northern hemisphere, and that the enterprise had benefited from the preliminary affect of drastic cost-cutting measures it had beforehand launched.
World journey has remained far under its pre-pandemic ranges even with widespread vaccinations, as international locations imposed new entry restrictions over the northern hemisphere winter to curb the unfold of the highly-transmissable Omicron variant.
Vinci’s airport site visitors climbed 12% final yr from 2020 lows however remained at only a third of their pre-pandemic ranges.
The group posted a document free money movement of 5.28 billion euros, properly forward of analysts’ consensus at 3.34 billion, based on FactSet knowledge.
Its revenues additionally surpassed 2019 ranges by 3% reaching 49.40 billion euros, whereas core earnings surged to 4.72 billion, beating analysts’ forecasts for 4.47 billion however nonetheless quick pre-pandemic earnings.
The group expects Cobra IS, a renewable energy-focused enterprise it acquired from Spanish rival ACS final yr, to generate revenues of round 5.5 billion euros in 2022.
Its building division ought to stay busy and enhance its working margin, it added, whereas its motorways enterprise ought to see this yr’s site visitors surpass 2019.
($1 = 0.8728 euros)
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