28 July 1999 21:24 [Source: ICIS news]
HOUSTON (CNI)--Stone & Webster's second quarter net income rose dramatically - by a whopping 786% - to $6.2m (Euro5.8m) with the company on Wednesday crediting actions the company has taken to streamline its businesses and strengthen its operational focus.
But the Boston, Massachusetts company also posted 2.1% lower revenues of $310.3m.
Stone & Webster's chairman and chief executive H Kerner Smith predicted the company's profitability will continue to increase throughout the remainder of the year based on its performance in the second quarter.
In addition, he said: "We also believe our markets are now beginning to strengthen due to the recovery from low oil sector prices and the Asian recession, as well as the surge in power generation projects in North America."
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