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Oil services company Petrofrac reported a rise in annual profit, even as its revenue fell, after it recorded a smaller yet still substantial series of writedowns.
Net profit for the year through December rose 14% to $74m, up from $65m on-year, but included exceptional items of $203m.
Those included the sale of Mexican assets triggering an impairment charge and a review of the value of Malaysian assets. In the previous year, Petrofac recorded writedowns of $289m.
Revenue fell 5.1% to $5.53m and the company held its annual dividend steady at 25.3c per share.
'Looking forward, we expect 2020 to be a year of transition,' chief executive Ayman Asfari said.
'We are encouraged by the improving market outlook, recent new awards and $37bn of bid opportunities scheduled for award by the end of 2020.'
'Consequently, we are investing in maintaining our bench strength to preserve our market-leading execution capability.'
'This investment--together with project mix and the low new order intake of recent years--will impact financial performance in 2020, but best positions us for a return to growth as we rebuild our order book.'