Petrofac H1 profit decreases
Sep 05, 2013 (MarketLine via COMTEX) --
Petrofac Limited, a provider of facilities solutions to the oil and gas production and processing industry, has reported a profit attributable to shareholders of the company of $243 million, or 70.72 cents per diluted share, for the six months ended June 30, 2013, compared to $326 million, or 94.82 cents per diluted share, for the six months ended June 30, 2012.
Revenue for the six months ended June 30, 2013 was $2.79 billion, compared to $3.19 billion for the six months ended June 30, 2012.
Gross profit for the six months ended June 30, 2013 was $502 million, compared to $532 million for the six months ended June 30, 2012.
Profit before tax for the six months ended June 30, 2013 was $300 million, compared to $413 million for the six months ended June 30, 2012.
Ayman Asfari, Petrofac's Group CEO, said: "Operationally, we have made a good start to the year on our portfolio of projects and we have built good momentum in securing new awards. As previously signaled in our trading update, net profit for 2013 is expected to be significantly weighted towards the second half of the year, reflecting the phasing of Onshore Engineering & Construction and Integrated Energy Services project delivery.
"We look ahead with confidence in our ability to deliver a strong second half performance and achieve our guidance of modest growth in net profit for 2013. Our high quality portfolio of existing projects reflects our disciplined approach to bidding and managing risk, which, together with a strong pipeline of bidding opportunities and our competitive positioning, means that we remain on track to achieve our 2015 earnings target."
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