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Technip strikes profits bonanza, hits production snags
Paris (AFP) Jul 27, 2006 French oil services group Technip raised net profit in the second quarter by 55.0 percent and raised its profit forecast for the year while warning on Thursday that it was encountering manufacturing problems. These difficulties worried investors, analysts said, and the price of shares in Technip was showing a fall of 1.88 percent to 42.75 euros in mid-day trading. In the second quarter, net profit rose by 55.0 percent on a 12-month comparison to 51.5 million euros (64.9 million dollars). Company president and chief executive Daniel Valot said that for the whole of this year, the company was holding to a target for operating profit of at least 340 million euros, even though it was encountering difficulties in its ability to make, build and install facilities for the oil and gas industries. In the first six months of the year, net profit was 76.8 million euros, an increase of 40.0 percent from the figure of 55.0 million euros in the same period of last year. Sales in the second quarter rose by 19.0 percent to 1.589 billion euros. Sales in the first six months totalled 3.163 billion euros. Valot said that investment would rise by about 50.0 percent this year. Financial charges in the second quarter were 40.0 percent lower than in the same period of 2005. At brokers Raymond James, analysts commented that the results, although showing an improvement from the first-quarter figures, indicated that profitability remained weak because of high costs and delays on some projects. Also, the value of orders on the books at the end of the first half was about 25.0 percent less than the equivalent figure last year, they said. Community Email This Article Comment On This Article Related Links All about the technology of space and more
NEC, Matsushita to set up new mobile phone venture
Tokyo (AFP) Jul 27, 2006 Japanese firms NEC Corp and Matsushita Electric Industrial Co said Thursday they agreed to set up a new joint venture to develop mobile phone handsets operations. |
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