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UPDATE 1-Fugro H1 net 112 mln euros, sees flat 2009 sales

Published 08/07/2009, 02:31 AM
Updated 08/07/2009, 02:33 AM

* Profit nudges up, but just short of forecast

* Sees 2009 revenue flat, net income down slightly

* Pricing pressure on exploration, stimulus packages to help

(Adds details, outlook)

AMSTERDAM, Aug 7 (Reuters) - Dutch engineering consultancy Fugro NV reported marginally higher first-half net profit on Friday in line with its guidance and said revenue for 2009 would remain on par with the previous year.

Net profit for the period was 112.4 million euros compared with the average forecast of 116 million euros from a Reuters poll of six analysts.

Fugro said in May it expected net profit of 110 million euros after reporting net profit of 109 million euros in the same period last year.

The blue-chip company, which offers survey services to the oil and gas industry, said it expected 2009 revenue to be in line with the previous year's revenue of 2.15 billion euros. Full-year net profit was projected to be down, however, at 260 million euros versus 283 million euros in 2008.

While Fugro is feeling pricing pressure for exploration projects, it said in a statement it expected "positive effects" from government stimulus packages.

Revenue in the first half was 1.035 billion euros, up from 993 million euros a year earlier but slightly below the forecast of 1.058 billion euros.

A major part of Fugro's turnover is generated by clients in the oil and gas sectors, and analysts therefore often view the company's order book developments as a barometer for the sector.

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Fugro said its order backlog for the next sixe months was 931 million euros. (Reporting by Reed Stevenson, editing by Will Waterman)

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