Plus   Neg

Petrofac: 2019 Results In Line With Guidance - Quick Facts

Petrofac Ltd. (POFCF.PK,POFCY.PK,PFC.L) said, Group revenue for the full year is expected to be approximately $5.5 billion. The Group continues to expect E&C results to be in line with management guidance, with revenue around $4.4 billion and net margin at the low end of guidance. Engineering & Production Services revenue is expected to be around $0.9 billion and net margin in the middle of the guidance range. For the Group, net debt is expected to be around $0.1 billion at 31 December 2019.

For 2020, Petrofac continues to expect a decrease in Group revenue reflecting low new order intake in recent years. The company currently have approximately $4.0 billion of secured revenue for 2020, comprising $3.4 billion in E&C and $0.6 billion in Engineering & Production Services.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) has gone ahead with the approval of antiviral drug remdesivir as first treatment for COVID-19, notwithstanding last week's findings by the World Health Organization (WHO) that the drug is not effective for COVID-19 treatment. Thursday, Gilead Sciences announced that the FDA approved remdesivir, sold under the brand name Veklury. Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter. Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8... The Federal Trade Commission or FTC has launched a new fraud reporting platform, using which, consumers can easily report fraud and all other consumer issues directly to the regulator. In a statement, the FTC said its new website, ReportFraud.ftc.gov, will provide a streamlined and user-friendly way to submit reports about scams, frauds, and bad business practices.
Follow RTT