CGGVeritas returns to profit

by on July 27, 2012 9:42 am BST

The company posted a net profit of $30.3 million for the first six months of the year, recovering from a net loss of $75.2 million booked during the first half of 2011.

CGGVeritas’ return to profit came as the company posted a 9% jump in revenue during the first half of the year to $1.6 billion, up from just under $1.5 billion during the same period last year.

The majority of the company’s revenue came from its services division which posted a 6% rise year-on-year, generating $1.1 billion.

CGGVeritas attributed the strong performance from the division to a better operational performance of its fleet, sustained activity in processing and imaging and an increase in multi-client revenue.

The company’s Sercel division posted a 17% rise in revenue, bringing in $633 million, which it attributed to strong land equipment deliveries.

CGGVeritas maintained a positive outlook for the remainder of the year, forecasting full year revenues to grow between 10% and 15%.