Saipem Q3 pre-ex net rises to 154 mln eur, beats forecasts; repeats FY targets |
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Mon, 29 Oct 2007 16:16
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MILAN (Thomson Financial) - Oil services group Saipem SpA said its third-quarter net profit before capital gains from asset disposals rose to 154 mln eur from a restated profit of 98 mln eur a year earlier, beating market expectations.Net profit before capital gains was expected at 137.2 mln eur, according to a mean of estimates from seven brokers polled by Thomson Financial News.During the quarter, Saipem sold maintenance firm Camom and catalyst producer Haldor Topsoe, generating a capital gain of 284 mln eur. Including these gains, the net profit was 438 mln eur, it said.Sales rose to 2.440 bln eur from a restated 2.072 bln a year earlier and operating profit to 231 mln from a restated 156 mln, both beating expectations for 2.355 bln and 213.3 mln, respectively.The year-earlier comparative figures have been restated to take into account the sale of Camom and Haldor Topsoe.Order backlog reached 13.343 bln eur at the end of September as new orders in the first nine months of the year totalled 7.609 bln, it said.Looking ahead, Saipem reiterated it sees a full-year net profit excluding gains form asset disposal rising more than 30 pct on sales of over 9 bln eur.Saipem is a unit of Eni SpA.danilo.masoni@thomson.comdm/sal/dm/ajbCOPYRIGHTCopyright 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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