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WorleyParsons announces record profit

Source: www.gulfoilandgas.com 8/27/2007, Location: Not categorized

WorleyParsons Limited announced a full year result for 2007 of $224.8 million, an increase of 61.6% over the $139.1 million net profit reported in 2006. The result was earned on aggregated revenue of $3,534.6 million, an increase of 43.4% on the $2,464.4 million reported in 2006. EBITDA for the year was $353.4 million, an increase of 60.7% from the $219.9 million reported in 2006.

The EBIT margin for the group increased to 9.0% from 8.1% in 2006. After tax the company earned a net margin on aggregated revenue of 6.4%, compared to the 2006 net margin of 5.6%. The effective corporate tax rate was 26.1%.

Basic earnings per share were 101.8 cents per share, an increase of 53.5% above the 66.3 cents per share for 2006.

Included in the full year result is a four months contribution to EBITA of $42.0 million from the Colt group that was acquired during the year.

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