CGG: slashes loss in Q3
(CercleFinance.com) - The geoscience services company CGG has reported Q3 revenues of 255 million dollars, up 21% y-o-y.
Meanwhile, operating profit reached 28 million dollars, up 35% from a year ago.
The group nevertheless recorded a net loss, group share, of 2 million dollars, which is still well below the 16 million dollar loss recorded in Q3 2021.
CGG points to a weak Q3 due to client project slippage in Q4 and 2023 and says its 2022 business revenue is expected to be around 900 million dollars, stable on a pro-forma basis y-o-y.
It expects a strong Q4, driven by Earth Data sales and aims to exploit market conditions to deleverage its balance sheet.
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