logo
Share SHARE
FONT-SIZE Plus   Neg

Petrofac Expects To Deliver Net Profit Growth In 2012 Of At Least 15%

Petrofac Ltd. (PFC.L,POFCY.PK,POFCF.PK) issued interim management statement for the period from January 1, 2012 to May 11, 2012.

The company stated that continuing operations are performing in-line with expectations and added that it expects to deliver net profit growth in 2012 of at least 15%.

Petrofac noted that it started the year well and are making good operational progress across its portfolio of projects. Besides, the company continues to bid actively in its core markets and believe that its differentiated and competitive offering positions it well to capitalise on the large number of opportunities Petrofac sees.

The group's backlog at the end of April 2012 stood at $9.6 billion, comprising $7.9 billion from Engineering, Construction, Operations & Maintenance and $1.7 billion from Integrated Energy Services. Net cash balances were lower at the end of April 2012 at $1.0 billion.

Ayman Asfari, group chief executive, commented, "We remain confident that we will deliver net profit growth in 2012 of at least 15%, in line with our previous guidance, and remain on course to achieve our medium-term target of more than doubling our recurring 2010 Group earnings by 2015."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Delta Air Lines Inc. (DAL) pilots, represented by the Air Line Pilots Association International, are picketing on Friday at several airports across the country. The pilots said the picketing was to raise the sense of urgency in ongoing contract negotiations. The negotiations between the pilots... Charter Communications, and its recently acquired subsidiary Time Warner Cable, have been regularly overcharging its consumers to a tune of $7.2 million per year, according to a report from the U.S. Senate's Permanent Subcommittee on Investigations. According to the report, Time Warner Cable over-billed... Popular photo sharing network Instagram is adding a new translation button on its pages, so that the global crowd can read and enjoy the captions and comments given for the photographs uploaded. The new update will be available from next month onward.
comments powered by Disqus
Follow RTT