Petrofac releases half year results

• Good operational performance and order intake in core businesses.
• Business performance net profit down 4% to US$158 million.
• Group net profit (excluding IES) of US$177 million.
• IES net loss of US$19 million.
• Reported net profit includes post-tax impairments and exceptionals of US$88 million.
• New order intake of US$2.7 billion year to date; backlog of US$12.5 billion at 30 June 2017.
• Net debt of US$1.0 billion, in line with expectations.
• Taking range of measures to strengthen balance sheet and reduce net debt.
• Interim dividend rebased to 12.70 cents per share.

Ayman Asfari, Petrofac’s Group Chief Executive, commented:

“Petrofac has made a positive start to the year, delivering solid first half results that reflect good project execution and lower revenues. 

“The Group has secured US$2.7 billion of new orders in the year to date, evidence of our continued competitiveness in challenging markets. Tendering activity remains high, we are well placed on a number of bids and have a healthy order backlog. This positions us well for the second half of 2017.

“We also remain committed to our strategy of focusing on our core business, delivering organic growth and reducing capital intensity. We are taking a range of measures to deliver a sustainable reduction in net debt to strengthen the balance sheet and a sustainable dividend policy for our shareholders. These include reducing costs, reducing capital investment, divesting non-core assets and rebasing our dividend.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/30082017/petrofac-releases-half-year-results/