France's Technip Q4 net profit slips 2% to €147m

21 February 2013 06:48  [Source: ICIS news]

SINGAPORE (ICIS)--Technip’s net income slipped by 1.7% year on year to €147m ($196m) in the fourth quarter of last year, partly weighed by the negative impact from changes in foreign exchange rates, the France-based petrochemicals engineering firm said on Thursday.

The company’s revenue rose by 14.2% year on year to €2.3bn in October-December 2012, while earnings before interest, tax, depreciation and amortisation (EBITDA) was up by 5.5% at €289m, it said in a statement.

“[Technip’s] Financial result in fourth-quarter 2012 included a €9m negative impact from changes in foreign exchange rates and fair market value of hedging instruments, compared with a €16m positive impact in fourth-quarter 2011,” it said.

For the full year of 2012, the company’s net income rose by 6.4% year on year to €539.7m, while revenue was up by 20.4% at €8.2bn.

Its EBITDA rose by 15.1% year on year to €1.02bn in 2012.

“Technip starts 2013 with a substantial, profitable backlog of business to execute. We believe our markets, while competitive and never immune to general economic conditions, remain robust and growing,” said Thierry Pilenko, chairman and CEO of Technip.

The company expects its revenue to grow by 11-16% to between €9.1bn and €9.5bn in 2013.

($1 = €0.75)

By: Nurluqman Suratman

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