France’s Technip Q1 net profit rises 3.6%, sales grow 14.2%

25 April 2013 07:40  [Source: ICIS news]

SINGAPORE (ICIS)--Technip posted a 3.6% year-on-year increase in first-quarter net profit to €116.2m ($151m), backed by a double-digit growth in sales, the French petrochemicals engineering firm said on Thursday.

Sales were up 14.2% year on year to €2.02bn, with operating income rising 5.0% to €173.5m, the company said in a statement.

“In the first quarter we grew revenue in both our segments [subsea and onshore/offshore], reflecting the strong project awards over the last two years,” Technip chairman and CEO Thierry Pilenko said in the statement.

Its subsea operating income from recurring activities was up 1.9% in the March quarter at €118.4m, while operating earnings from its onshore/offshore segment increased 15.6% to €74.1m, Technip said.

“In onshore/offshore there was steady progress on projects, including those in later phases, such as …. the Jubail refinery,” Pilenko said.

($1 = €0.77)

By: Pearl Bantillo
+65 6780 4359

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