(From AFX Europe (Focus))
MILAN (AFX) - Saipem SpA said it expects to end 2007 with sales of above 9 bln eur, compared with 7.517 bln last year, and expects net profits before extraordinary items to increase by at least 20 pct.
In 2006, the oil equipment company Saipem booked a net profit of 384 mln eur.
The results were boosted by the acquisition of Snamprogetti from its parent company Eni SpA in February last year, whose results were consolidated into its balance sheet for the second quarter.
Snamprogetti added 2.289 bln eur in sales and 55 mln in net profits. However, acquisition costs also impaired the net profit by 8 mln eur.