Italian industrial giant Finmeccanica switches to loss

Italian industrial and aerospace giant Finmeccanica on Tuesdayreported a 12-million-euro ($17-million) first quarter loss compared to a 6.0-million-euro profit a year earlier due to European and US defence cuts.Finmeccanica said its revenues went to down five percent to 2.95 billion euros in thefirst quarter from the first three months of 2013 but the company reported neworders had gone up because of helicopter purchases.The company, which has around 56,000 employees, said the results "confirm asatisfactory financial and operating performance in line with the guidance for thecurrent year" and gave the group "good visibility".Finmeccanica produces artillery, helicopters, jets, rockets, trains and spacetechnology. It is considered Italy's biggest industrial group.