France’s Technip Q4 2011 net income up by 33.2% to €149.5m

16 February 2012 07:34  [Source: ICIS news]

SINGAPORE (ICIS)--Technip’s net income for the fourth quarter of 2011 increased by 33.2% year on year to €149.5m ($194.2m) as its sales volumes grew across the business, the French engineering firm said on Thursday.

The company’s revenue for the fourth quarter increased by 14.0% year on year to €2.0bn, supported by strong performance from its subsea segment, but decreased by 0.3% in its onshore/offshore unit, Technip said in a statement.

Technip’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the fourth quarter rose by 31.9% year on year to €274.0m, the statement said.

For the full fiscal year of 2011, Technip’s net income rose by 21.5% to €507.3m, while its revenue increased by 12.0% to €6.8bn compared with the same period a year earlier, the statement said.

The company’s EBITDA grew by 13.7% to €883.5m, the statement added.

“We delivered strong profitability beyond our initial expectations, with a record of €507m,” said chairman and CEO Thiery Pilenko.

In 2012, Technip said it will sustain its investments in key assets and local content to meet growing demand.

“Our subsea and onshore/offshore segments are expected to deliver revenue growth and we target operating margins of around 15% for [the subsea segment] including, global industries, and between 6% and 7% for [the onshore/offshore segment],” Pilenko added.

($1 = €0.77)

By: Samuel Wong

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