The Italian contractor is also working onits increased net debt, with strong contract activity expected to bolsternumbers going forward.

Management’s view of the first quarter isof reduced net profit of €61 million ($84.16 million), as compared with €110million a year earlier.

Revenues are expected to come down from €3.09billion to €2.94 billion year-on-year, with operating profit to be down morethan a third at €132 million.

For