France’s Technip Q3 net income rises by 17.0% to €121m

27 October 2011 07:33  [Source: ICIS news]

LONDON (ICIS)--Technip’s third-quarter net income rose by 17.0% year on year to €121m ($168m) as sales volumes grew across the business, the French engineering firm said on Thursday.

Technip’s revenue for the quarter increased by 12.3% year on year to €1.7bn, while earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 9.4% to €217.9m, the company said in a statement.

“Our order intake accelerated to over €2.3bn, reflecting the positive trends in our industry that we highlighted at the first half of 2011, said chairman and CEO Thierry Pilenko.

“New orders were well spread across subsea and onshore/offshore segments,” Pilenko said.

“Our revenue increased by 12.3% year on year, reflecting growth in all our segments,” Pilenko added.

“Our group profit margin was at 10.6%, slightly above the level a year ago, with subsea at 16.9% and onshore/offshore at just over 7.0%,” the chairman and CEO said.

Looking ahead, Pilenko said Technip’s clients continue to invest in projects through both front-end engineering design (FEED) works and larger final investment decisions.

Pilenko added that the company continues to see opportunities to expand in nearly all of its markets.

“The high oil price, combined with an increasing demand for gas, is driving upstream investments, while strategic and regional imperatives support downstream spending,” Pilenko said.

($1 = €0.72)

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By: Franco Capaldo
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