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High oil price lifts Aker Kvaerner to record earnings
AFP
OSLO
Petroleumworld.com 07 28 06
Norwegian oil services and engineering group Aker Kvaerner reported record second-quarter profits on Thursday as investments soared due to the high oil price.
During the period, the group reported earnings before interest, taxes, depreciation and amortization (EBITDA) of 733 million kroner (92.4 million euros, 117.7 million dollars), up 66.2 percent from 441 million in the second quarter a year earlier.
Analysts had forecast earnings of 721 million kroner.
The Aker Kvaerner share price climbed by 2.84 percent on the news at the Oslo stock exchange in midmorning trading, changing hands at 616 kroner.
Net profit more than quadrupled, to 466 million kroner from 103 million, while sales soared by 44.2 percent to 14 billion kroner from 9.71 billion.
"Growth in the international energy demand and depletion of existing oil and gas fields are the key drivers for Aker Kvaerner's markets. Global investments remain high for both new field developments and increased recovery from fields already in production," the group said in a statement.
The second quarter results are so-called pro forma figures, taking into account the divestment of the group's energy and pulp activities to Finland's Metso at the beginning of the year.
AFP 27 0937 GMT 07 06
Copyright ©2006 AFP. All Rights Reserved.
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