Petrofac maintains full-year net profit guidance

26th Aug 2014 07:39

Oil and gas explorer Petrofac saw revenues decline to $2.5bn over the six months ended on 30 June. Operating profits on an EBITDA basis were off by 16% to $340m. Engineering, construction, operations and maintenance (ECOM) order intake stood at $7.2bn for the first half, raising the backlog 35% to $20.3bn, "giving very good revenue visibility for the rest of the year".On a net basis profits were down 44% to $136m. Even so, management indicated it remains on track to deliver net profit in the range of $580m to $600m for the full year, in line with previous guidance. The interim dividend has been maintained at 22 cents. -- More to follow -- AB