Fincantieri racks up $237m loss as war and write-offs hit home

Debt-ridden Italian shipbuilder Fincantieri racked up massive losses due partly to rising shipbuilding costs caused by the war in Ukraine.

The Trieste-based shipbuilder revealed a net loss of €234m ($237m) in the first six months of the year due also to extraordinary and non-recurring expenses. The figure reverses the €7m profit from the same period of last year.

The financial results provide a baptism-of-fire for incoming chief executive Pierroberto Folgiero, who took the reins in May from his longstanding predecessor Giuseppe Bono.