Finland's Wartsila reports halving in Q2 profit

Adds CEO comments, details; paragraphs 3-5

July 17 (Reuters) - Finland's Wartsila WRT1V.HE reported on Friday a drop of 51% in quarterly operating profit, as demand for its ship technology and power plants slumped because of the coronavirus outbreak.

Like-for-like operating profit for April-June fell to 55 million euros ($62.6 million), but still above the 44.6 million analysts had expected in a Refinitiv poll.

"The decline in demand was especially strong in the cruise industry, as travel bans and other mitigation measures have kept most passenger vessels idle for the past few months," Chief Executive Jaakko Eskola said in a statement.

Wartsila's order intake fell 27% from a year ago to 1.0 billion euros, whie revenues held at last year's level at 1.22 billion, as the firm delivered orders placed before the pandemic.

"While visibility remains low, it is clear that the effects of the pandemic on our financial performance this year will be material," Eskola said.

($1=0.8786 euros)

(Reporting by Tarmo Virki in Tallinn; Editing by Clarence Fernandez)

((tarmo.virki@thomsonreuters.com; +3725644562;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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