Engine maker Wartsila posts quarterly loss after Russia writedown

div classBodysc17zpet90 cdBBJodivpHELSINKI Reuters – Finlands Wartsila fell to a firstquarter operating loss on Thursday after the marine and energy equipment maker wrote off its Russian assets.p

pWartsila posted a loss of 147 million euros reflecting the previously announced writedown of around 200 million euros. [L2N2WI0S9]pdivdivdiv classBodysc17zpet90 cdBBJodiv

p“The continued impact from COVID19 and the Russian attack into Ukraine in the first quarter of 2022 intensified overall uncertainty in the global business environment and amplified concerns related to cost inflation and global economic development,” CEO Hakan Agnevall said in a statement.p

pWartsila said its comparable operating profit increased 61 to 65 million euros 68.25 million, roughly in line with a mean estimate of 67.2 million from 14 analysts in a Vara Research poll commissioned by the company.p

Net sales increased by 30 to 1.23 billion euros, slightly ahead of analysts expectations.

1 0.9524 eurosp

Reporting by Anne Kauranen editing by Jacqueline Wong and Jason Neely

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