-Norwegian EMGS swings to USD3.7m net profit in Q2 2011.
NORDIC BUSINESS REPORT-August 25, 2011--Norwegian EMGS swings to USD3.7m net profit in Q2 2011(C)2011 M2 COMMUNICATIONS http://www.m2.com
25 August 2011 - Norwegian seismic company Electromagnetic Geoservices ASA (OSL:EMGS), or EMGS, today reported a net profit of USD3.7m for the second quarter of 2011, following a loss of USD4.7m in the prior-year period.
EBITDA advanced to USD16.5m from USD1.2m a year earlier.
Revenue climbed to USD47.6m from USD14.7m reported for the second quarter of 2010. The strong rise in revenue was boosted by high productivity on the BOA Thalassa as well as by the increase in the company's fleet to three revenue-generating vessels from previously two.
On the basis of its second-quarter financial figures, EMGS lifted its full-year revenue forecast and now expects revenue of around USD150m, up from the previous expectation for more than USD130m. The company affirmed its guidance for a positive bottom-line result in the full 2011.
(EUR1 = USD1.4)
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|Title Annotation:||Electromagnetic Geoservices ASA|
|Publication:||Nordic Business Report|
|Article Type:||Brief article|
|Date:||Aug 25, 2011|
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