Russia's leading oil servicing company, Integra Group, saw its first half net loss grow by 36 percent year-on-year to $30.4 million to IFRS, the company said on Tuesday.
Revenue rose by 16 percent to $421.3 million, mainly due to a higher demand for oilfield servicing, and the strengthening of the ruble against the dollar.
EBITDA also grew by 27.4 percent to $61.9 million. The company's operating profit for the first six months of 2010 was $4.4 million compared with operating losses of $8.7 million a year earlier, the firm said.
By the end of June, Integra's net debt totaled $164.8 million, a six percent decrease from the end of 2009.
The company's cash flow from operating activities decreased by 29.9 percent to $34.9 million. Its cash expenditures fell by 31 percent to $25.7 million.
Integra said its total order portfolio for 2010 is up seven percent in ruble terms on 2009.
The company says the first six months of 2010 were favorable for a sustained recovery of the oil servicing industry and for repositioning the company.
"Our forecast for this year is moderately positive, and we expect that the trend of the first six months of 2010 will continue into the second half of the year," said company Chief Executive Officer Antonio Campo.
MOSCOW, August 31 (RIA Novosti)
