France-based Technip Q2 2011 net income rises 24.9% to €132.5m

28 July 2011 09:12  [Source: ICIS news]

LONDON (ICIS)--Technip’s second-quarter net profit rose 24.9% year on year to €132.5m ($189.3m) as sales volumes grew across the business, the French engineering firm said on Thursday.

Revenue for the quarter increased 12.1% year on year to €1.66bn, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 8.5% to €212.6m, the company said in a statement.

The company's overall EBITDA margins, however, slightly fell to 12.8% in the second quarter from 13.2% recorded in the same period of the previous year, Technip added.

“Technip delivered a robust second quarter,” said chairman and CEO Thierry Pilenko. "Our revenue grew, our margins were strong, and we are therefore raising our full-year profit objectives. We were also awarded €2.1bn of new contracts that grew our backlog to €9.4bn, demonstrating the strength of Technip’s broad business base.

“Operationally, we continued to deliver on current projects, notably as concerns Middle Eastern onshore and African subsea contracts, driving growth in revenue,” he added.

Looking ahead, Pilenko said the company sees opportunities to expand in nearly all of its markets.

“A high and fairly stable oil price combined with an increasing demand for gas is driving upstream investments, while strategic and regional imperatives are supporting downstream spending,” he said.

“Technip will look to accelerate its growth whilst maintaining focus on the balance of its project portfolio and on profitability. We will continue to seize investment opportunities across a broad front to expand our business base, our technologies and our services capability,” Pilenko added.

 ($1 = €0.70)

By: Franco Capaldo
+44 (0)20 8652 3214

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