February 25, 2020 / 7:37 AM / 2 months ago

BRIEF-Petrofac FY Business Performance Net Profit Down 22% To $276 Million

Feb 25 (Reuters) - Petrofac Ltd:

* FY BUSINESS PERFORMANCE NET PROFIT DOWN 22% TO US$276 MILLION

* FY REPORTED NET PROFIT OF US$73 MILLION POST IMPAIRMENTS AND EXCEPTIONAL ITEMS

* FINAL DIVIDEND OF 25.3 CENTS PER SHARE

* NEW ORDER INTAKE OF US$3.2 BILLION; BACKLOG OF US$7.4 BILLION AT 31 DECEMBER 2019

* MARKET OUTLOOK IS IMPROVING

* FY REPORTED REVENUE $5,530 MILLION VERSUS $5,829 MILLION AS REPORTED A YEAR EARLIER

* CURRENTLY EXPECTS TO MAINTAIN DIVIDEND IN 2020 IN ANTICIPATION OF A RETURN TO GROWTH

* CONTINUE TO EXPECT A DECREASE IN GROUP REVENUE IN 2020 REFLECTING LOW NEW ORDER INTAKE IN RECENT YEARS

* CONTINUES TO ENGAGE WITH SFO AND WILL RESPOND TO ANY FURTHER DEVELOPMENTS AS APPROPRIATE

* DIVESTMENT OF UPSTREAM MEXICO PORTFOLIO IN ON TRACK TO COMPLETE IN MID-2020

* CAPITAL EXPENDITURE IS EXPECTED TO INCREASE TO ABOUT US$150 MILLION IN 2020

* FY BUSINESS PERFORMANCE EBITDA US$559 MILLION VERSUS US$671 MILLION Source text for Eikon: Further company coverage:

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