France's Technip Q3 net income up 21% on higher order intake

25 October 2012 08:29  [Source: ICIS news]

SINGAPORE (ICIS)--Technip’s third-quarter net profit rose 21% year on year to €146.3m ($190m) due to a better than expected order intake, the French engineering firm said on Thursday.

Revenue for the quarter increased by 22.8% year on year to €2.09bn, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 23.5% to €269.1m, the company said in a statement.

Net income in the first nine months of 2012 rose nearly 10% year on year to $393m, while sales surged 23% year on year to $5.9bn in January to September period.

“Revenues and profits for the third quarter were in line with our expectations,” said Thierry Pilenko, chairman and CEO of Technip.

“Order intake in the third quarter was, as in the first half, better than anticipated,” Pilenko added.

“For the remainder of this year, our focus continues as usual on completing our manufacturing plant and vessel schedules, and preparing the start-up phases of these capex projects scheduled for delivery in 2013,” he said.

($1 = €0.77)

By: Tahir Ikram
+65 6780 4359

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