Saipem SpA (SPM.MI) Monday trimmed its 2013 revenue forecasts after it reported a 60% fall in net profit in the third quarter, adding to the sense of pessimism that has seen it shed almost half its value and issue two profit warnings this year.
Saipem SpA (SPM.MI) Monday trimmed its 2013 revenue forecasts after it
reported a 60% fall in net profit in the third quarter, adding to the sense of
pessimism that has seen it shed almost half its value and issue two profit
warnings this year.
The Italian oil services company said new orders in the third-quarter tumbled
67% from the end of June, indicating that reputational issue could be denting
its success in qualifying and winning contracts.
Saipem confirmed that it will post a net loss of between 300 million euros and
350 million euros ($414 million to $483 million) and a flat operating profit
for the year. It lowered the revenue forecast to about EUR12.5 billion from an
earlier estimate of around EUR13 billion as a result of delays in new contracts.
"We continue to see opportunities in the market, although the timing of
some contract awards remains uncertain," Chief Executive Umberto Vergine
said in a statement.
Third-quarter net profit slipped to EUR101 million on the year, while operating
profit was down 48% and revenue fell 0.8% to EUR3.52 billion over the same
period.
Saipem added that it received orders worth EUR1.2 billion in October, including
preparatory work relating to the South Stream Offshore Pipeline.
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