By Mauro Orru 
 

Atlantia SpA said Friday that it swung to a net loss for the year as it booked impairments mostly due to the impact of the coronavirus pandemic on highway and airport traffic.

The Italian infrastructure operator posted a 2020 loss of 1.18 billion euros ($1.41 billion) compared with profit of EUR136 million for 2019.

The loss included EUR282 million in impairments due to the negative effect of the pandemic on its operations, it said.

Operating revenue for the year fell to EUR8.28 billion from EUR11.63 billion.

Atlantia posted a loss before interest and taxes of EUR485 million compared with earnings before interest and taxes of EUR1.67 billion for 2019, while earnings before interest, taxes, depreciation, and amortization fell to EUR3.70 billion from EUR5.73 billion.

Given the annual loss, the company won't be proposing a dividend at its annual general meeting on April 28, it said.

For 2021, Atlantia expects a potential improvement in operating performance which should be more significant in the highway segment than airports, although not enough to return to 2019 levels. Highway and airport traffic should be down 10% and 70%, respectively, while revenue for the year should be around EUR9.4 billion.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

March 12, 2021 05:02 ET (10:02 GMT)

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