Petrofac confident on 2011 profit target
* H1 profit up 6.6 percent to $246.3 mln
* Ups interim dividend by 26.1 percent to 17.40 cents
LONDON Aug 22 (Reuters) - Oil services firm Petrofac
said profits rose 6.6 percent in the first half of the
year, beating a consensus forecast, and putting the company on
track to deliver its 2011 earnings growth target.
Petrofac, which designs and builds oil and gas
infrastructure as well as investing in oil fields, on Monday
posted net profit of $246.3 million for the first six months of
the year, ahead of a consensus forecast of $238 million from a
company-supplied poll of eight analysts.
FTSE 100-listed Petrofac said it was on track to post growth
of 15 percent in its like-for-like net profit in 2011, in-line
with current market expectations.
The company, which is active across the Middle East in
countries including Saudi Arabia, Oman and Iraq, said it planned
to pay an interim dividend of 17.40 cents per share, a 26.1
percent jump compared to the same period last year.
"We remain confident of achieving our medium-term growth
target of more than doubling our recurring 2010 earnings by
2015," said Chief Executive Ayman Asfari in a statement.
Shares in the company, which earlier in August won a key
contract to develop two oil fields in Mexico, closed at 1,168
pence on Friday, valuing the company at 4 billion pounds ($6.6
($1 = 0.603 British Pounds)