(Updates with further details, including order book breakdown)
MADRID (Thomson Financial) - Tecnicas Reunidas SA. said net profit grew 35
percent to 32 million euros in the first quarter to March 31 from a year
earlier, driven by a 31.7 percent rise in revenues to 580 million.
Analysts were forecasting net profit of 26.9 million to 34.9 million euros
on revenues of 490.6 million to 602 million.
In a statement, Tecnicas Reunidas said earnings were fuelled by growth in
each of the group's three divisions: oil & gas, infrastructure & industries and
power.
EBITDA grew 39 percent to 34 million euros, also in line with forecasts for
28.5 million to 35 million, while the group's operating margin increased to 5.6
percent from 5.3 percent in 2007.
Tecnicas Reunidas' order book stood at 4.646 billion euros at March 31, up
from 3.333 billion a year earlier, reflecting new orders from Repsol YPF SA for
its Cartagena Project in Spain and from Hellenic Petroleum for its Elefsina
Refinery Upgrade Project in Greece.
The order book also includes three "open book" contracts in Saudi Arabia,
Abu Dhabi and Portugal worth a total 2.008 billion euros.
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