Petrofac sees $4M decrease in finance income
Baku, Azerbaijan, Aug.28
By Leman Zeynalova - Trend:
UK’s Petrofac company saw a $4 million decrease in its finance income in the six months ended June 30, 2019, Trend reports citing the company.
“Finance expense for the first half of the year were lower at $30 million (2018: $39 million) due to lower average gross debt for the period, including repayment of the senior notes in October 2018. Finance income decreased to $7 million (2018: $11 million), reflecting the unwinding of discounts on long-term receivables,” reads the report released by the company.
Petrofac said that the net cash inflow generated from operating activities was $190 million during the first half of the year (2018 re-presented: $148 million outflow).
“Business performance EBITDA decreased 9% to US$305 million (2018 re-presented: US$334 million), predominantly reflecting asset sales in IES in the second half of 2018. EBITDA margin was lower in E&C and EPS, reflecting project mix and a decline in contract margins,” said the company.
This is while the Group capital expenditure was unchanged at $53 million (2018: $53 million), with decreases in capital expenditure on the JSD6000 installation vessel and the Greater Stella Area development (both sold in 2018) offset by an increase in expenditure on Block PM304 in Malaysia and investment in IT infrastructure and digital initiatives.
Petrofac is a leading international service provider to the oil and gas production and processing industry.
It designs, builds, operates and maintains oil and gas facilities, which the company delivers through a range of flexible and innovative commercial models that can be aligned to an individual client, project or asset.
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