July 29 (Reuters) – CGG moved to the top of the SBF 120 index on Friday after announcing a net profit of 16 million dollars (15.63 million euros) in the second quarter the day before, a figure compared with a loss of 51 million a year ago.
Around 0755 GMT, the title of specialist in geosciences for the oil industry was on track to achieve its best day since early March, up 14.4% to 0.93 euros.
The group reported in the second quarter a pro forma growth of 66% of its turnover from activities to 240 million dollars and an EBITDA from activities of 126 million dollars.
“CGG delivered strong performance this quarter, driven in particular by higher Earth Data aftersales volumes and buoyant Geoscience activity,” CGG CEO Sophie Zurquiyah said in a statement.
The group also said it expected a significant increase in activity in the second half and in 2023, thanks to good commercial prospects in land and marine equipment.
Portzamparc hailed the results above expectations, adding that these make up for the disappointment of the first quarter, when the group published results below analysts’ forecasts.
The group’s turnover in the second quarter comes out for its part 228 million dollars, up 33%, against a loss of 51 million a year ago.
(Written by Diana Mandi, spoken by Kate Entringer)