Italian oil services group Saipem's net profit fell by 23 percent from €61 million to €47 million in the first quarter of 2017, compared to previous year's first quarter, the company announced on Friday.
Saipem's adjusted earnings before interest, taxes, depreciation and amortization decreased to €256 million, from €314 million in the first quarter of 2016, the press release showed.
The company's revenues also dropped to €2,263 million in the first quarter of 2017, compared to €2,840 million in the first quarter last year, the company underlined in the press release.
Saipem's financial results increased the company's net debt to €1,605 million by the end of March 2017, from €1,450 million as at Dec. 31, 2016, the press release indicates.
"The first quarter 2017 has been a quarter of reliable delivery, despite markets that remain tough. We continue to reinforce the business and to position Saipem for future opportunities," CEO Stefano Cao said in the press release.
Saipem works in drilling services, as well as engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore in the oil and gas market.
By Muhsin Baris Tiryakioglu