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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 RTTNews Staff Writer

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