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Bilfinger Slips To Loss In Q1

German engineering group Bilfinger (BFLBY.PK) posted a net loss of 24 million euros in the first-quarter, compared to net income of 9 million euros in the prior year.

Quarterly revenues declined to 915 million euros from last year's 1.01 billion euros, after a weak March performance in several entities, especially North Sea offshore activities located in Aberdeen and Stavanger.

For 2020, Bilfinger now anticipates a revenue decrease of around 20 percent against the prior year's 4.3 billion euros, and adjusted EBITA substantially below the prior-year level of 104 million euros, but still positive.

The company expects a significant decrease in revenues and adjusted EBITA in both E&M Europe and E&M International, although these segments are forecast to continue delivering a positive contribution to earnings.

Bilfinger's current outlook assumes the greatest negative impact of the crisis in the second quarter, followed by a gradual recovery in the second half of the year. The expected revenue development also anticipates no additional projects and turnarounds being postponed to 2021.

The supervisory board and executive Board as well as the company's senior executives have decided to temporarily waive a part of their salary.

The Executive Board and the Supervisory Board have reviewed the original dividend proposal published in February 2020 and will now propose a dividend of 0.12 euros per share at the Annual General Meeting on June 24, 2020.

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