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Petrofac Posts HY Profit - Quick Facts

Oil and gas industry service provider Petrofac Limited (POFCF.PK,POFCY.PK,PFC.L) reported that its net profit for the six months ended 30 June 2019 was $139 million, compared to a net loss of $17 million in the prior year.

The reported net profit was impacted by exceptional items and certain re-measurements of $15 million ($208 million in 2018) largely relating to Group reorganisation and redundancy costs, SFO related legal fees and JSD6000 disposal costs.

Business performance net profit was $154 million, compared to $191 million in the prior year.

Revenue for the period grew to $2.82 billion from $2.79 billion in the previous year.

The company declared an interim dividend of 12.7 US cents per share, same with last year. The interim dividend will be paid on 18 October 2019 to eligible shareholders on the register at 20 September 2019.

The company said it remains well positioned for the remainder of the year,

The company continues to expect Engineering & Construction results for the full year to be in line with management guidance, with revenues expected to be around $4.5 billion and net margins at the low end of guidance. Overall Group profitability in 2019 is expected to be first half weighted. Looking further forward, revenues are expected to decrease in 2020 reflecting low new order intake in recent years.

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