Bourbon H1 Net Profit Jumps 90 Percent

Thursday, August 30, 2007
Offshore services group Bourbon SA said net profit jumped 90.2 percent to $135.4m in the first half from $71.2m a year ago as both its main businesses achieved strong performances. EBITDA surged 40.2 percent as sales climbed 29.7 percent, primarily generated by revenue growth in the offshore division and higher freight rates for the bulk division, it said. In the second half, offshore division operations will benefit progressively from the 25 new vessels scheduled for delivery in a continued strong market context, while the bulk division will continue to benefit from the high level of freight rates, Bourbon said. Second-half results will be favorably affected by the sale of Bourbon's remaining 30 percent stake in retail chain Vindemia, the company said. On July 3, Bourbon exercised its put option to sell the holding to Casino.

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