A year to forget for Maire Tecnimont. The company released its 2011 data this morning which showed sharp declines in most of its balance sheet items. The loss was 296 million euros against the profit of 62 million in 2010. The decrease in net benefits is mainly due to the aincrease in extra costs and to provisions for projects in South America. Ebitda is negative for 305 million and Ebit marks -339 million. Better revenues, which increased by 4,4% to 2,6 billion.
Yet the increase in turnover was not enough to curb the wave of sales that hit the stock in Piazza Affari. The Maire Tecnimont share lost 11.45% on the stock exchange at around 9,28 at 0,7475 euro: it is the worst performance of the Milanese price list.
Forecasts for 2012 do not announce major improvements: revenues are estimated to be in line with 2011.
