Technip doubles net profit in 2006

23rd February 2007, Comments 0 comments

PARIS, Feb 22, 2007 (AFP) - Technip shares rose sharply on Thursday after the French oil services group said it doubled full-year earnings to 200 million euros (262 million dollars) and would pay an exceptional 2.10 euro dividend for the full year.

PARIS, Feb 22, 2007 (AFP) - Technip shares rose sharply on Thursday after the French oil services group said it doubled full-year earnings to 200 million euros (262 million dollars) and would pay an exceptional 2.10 euro dividend for the full year.

The company also said it was ready to make takeovers as a defence against being taken over. Its stock was up 4.49 percent at 52.81 euros in late afternoon trading on the Paris exchange.

In an earnings statement, the group quoted chief executive Daniel Valot as saying: "We met and actually exceeded our 2006 financial targets, despite tight market conditions."

Net profit in the fourth quarter was 63 million euros, up from a restated 13.9 million, and full-year net profit was 200.1 million euros, up from 93.3 millin.

Operating profit in the fourth quarter was 113.8 million euros, up from 30.7 million, and in the full year was 360.1 million euros, up from 231.0 million, Technip said.

For 2007, Technip expects "moderate" sales growth and "further operating income improvement."

Valot said Technip could protect itself from hostile bids by making acquisitions, but he did not specify a timetable for such deals.

"The best defence against outside predators is to become bigger and more expensive," he told a news conference following publication of the group's results.

"Beyond organic growth, we are going to need to make acquisitions (and) produce results that get better year after year," he said.

Copyright AFP

Subject: French news

 

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