27 Aug 2009 14:30

Analysts expect Russia's Integra to boost IFRS net losses 720% in H1

MOSCOW. Aug 27 (Interfax) - Analysts from five investment companies and banks polled by Interfax predicted that Russian oil service group Integra will increase net losses under International Financial Reporting Standards (IFRS) by 720% to $37.1 million in the first half of 2009 compared to the same period of 2008.

JP Morgan said Integra would post net losses of $24 million taking into account profit adjusted with exchange rate changes.

The analysts predicted on average that Integra would see sales revenue of $417 million in the half, which would be 47% lower than in January-June 2008.

They said EBITDA (earnings before interest, taxes, depreciation and amortization) would total $58.6 million, down 54.5% from a year earlier.

Integra is to publish its IFRS results for the first half of 2009 on August 28.

Integra performs drilling, well reconstruction, seismic surveying and geophysical analysis, manufactures oil and gas equipment and tools, and manages projects. Its Global Depositary Receipts are traded on the London Stock Exchange.