Geophysical firm CGGVeritas or CGG (CGV) posted Group net profit of $79.1 million, or $0.43 per share in the first quarter, as against a $3.5 million, or $0.05 per share loss a year before. After minority interests, net income attributable to the owners of CGG was a gain of $77 million, the company noted.
Three-month Group revenue amounted to $871 million, up 11% from the year-ago quarter's $787 million.
Further, the firm confirmed its objectives for 2013 of 25% growth in Group revenue, an improvement in its EBIT margin, generation of positive free cash flow and an increasing return on capital employed.
At the end of March, the backlog was $1.4 billion, up 11% compared with the backlog of CGG stand alone at the December end, including the order book of the Fugro Geosciences businesses and excluding the backlog of the Shallow Water/Ocean Bottom Cables business.
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