Norwegian Petroleum Enterprise PGS Returns to Profit in 2005
Posted on: Wednesday, 22 February 2006, 09:00 CST
Norwegian petroleum enterprise PGS returns to profit in 2005
STOCKHOLM, Feb. 21 (Xinhua) -- Norwegian oil enterprise Petroleum Geo-Services (PGS) returned to profit in 2005 due to a persistently high oil price, according to news reports reaching here Tuesday.
Reports quoted the PGS as saying net profit earnings of 121.2 million U.S. dollars, as the high oil price increased more investments last year. However, the company lost 134.7 million dollars in business in 2004.
Meanwhile, operating profit increased massively from 35.7 million dollars to 343.2 million, and sales rose from 1.1 billion dollars in 2004, to 1.2 billion, increasing by 5.9 percent.
In the last quarter of 2005, the company posted a net loss of 80.4 million dollars, compared to a loss of 84 million in the same quarter a year ago.
Operating income in the three-month period was 47.2 million dollars,compared to a loss of 56.3 million for the year-ago quarter.
Meanwhile, the price of PGS shares on the Oslo Stock Exchange rose to 37.1 dollars,increasing by 3.29 percent.
Source: Xinhua News Agency - CEIS
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