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
Following his twelve-day trip to Asia, President Donald Trump announced Monday the U.S. is putting North Korea back on a list of state sponsors of terrorism. Trump announced the move in comments ahead of a Cabinet meeting and said his administration would also be ramping up sanctions on North Korea. Volkswagen plans to invest about 22.8 billion euros in its core brand from 2018 to 2022, with main focus on e-mobility and modularization. In a statement on Saturday, the German automaker announced that the investments, as part of the brand's Transform 2025+ strategy, will significantly boost the brand's largest product and technology offensive. Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors.
comments powered by Disqus
Follow RTT