Fred Olsen Energy Q3 pretax beats consensus on 41 mln forex gain |
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Thu, 25 Oct 2007 07:53
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OSLO (Thomson Financial) - Fred Olsen Energy ASA posted third quarter profits ahead of expectations at the pretax level amid a 41 mln nkr gain on foreign exchange transactions, and said it remains confident that high demand for offshore drilling services is set to continue.For the third quarter, FOE posted pretax profits of 485.6 mln nkr, up from 351.2 mln last time, and ahead of the 463 mln consensus forecast of analysts polled by TDN Finans.According to FOE's income statement, the pretax figure was influenced by the net financing result, which came to a gain of 24.9 mln nkr during the quarter, compared to last year's 11.5 mln loss.At the EBITDA level, earnings came in at 584.8 mln nkr, up from 519.0 mln last year, but below the 624 mln consensus forecast.Sales, meanwhile, were 1.160 bln nkr, up from 1.119 bln last year and marginally ahead of the 1.143 bln figure penciled in by analysts.alastair.reed@thomson.comar/jmsCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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