Lamprell Back in Profit, Warns Revenue Lower in 2014
LONDON, March 26 (Reuters) – Oil rig maker Lamprell reported pre-tax profit of $40 million on Wednesday, as the Dubai based company swung back into the black after heavy losses in 2012, but warned revenue this year and next would be lower.
Revenue for 2013 was $1.1 billion, in line with Thomson Reuters I/B/E/S consensus, while pre-tax profit of $40 million beat consensus of $23.3 million.
Chief Executive James Moffat described last year as a "turning point" for the group in a statement in which a back to basics approach returned the firm to profitability.
Lamprell posted a $111 million loss for 2012 in what it described as the most challenging year in its history after the rig-maker expanded into riskier areas, such as wind turbine vessels, where operational difficulties led to a series of profit warnings.
(Reporting by Stephen Eisenhammer; editing by Keith Weir)
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