C.A.T. oil AG shows profits jump of 86% since IPO, shares unmoved.

Austria-based C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), have announced their first half year results since their recent IPO. (See previous posts by Lord Patel)

C.A.T.oil increased Total revenues in the first 2 quarters of 2006 by 29.8 % to EUR 89.4 million (2005: EUR 68.9 million). EBITDA rose from EUR 14.6 million in the first half of 2005 by 66% to EUR 24.2 million. C.A.T.oil also increased EBIT by 98.4 % to EUR 19.9 million, compared with EUR 10.0 million in the prior-year period. The Group thus almost doubled its EBIT and improved the EBIT margin from 14.6 % to 22.3 %.

Cost of sales rose slower than revenues in the first half of 2006 to EUR 59.8 million, compared with EUR 51.7 million in the first half of 2005 (+15.6 %). Gross profit improved by 72.6 % in the first six months to EUR 29.7 million, as against EUR 17.2 million in the prior-year period.

Net profit for the period was up by 86 % to EUR 13.8 million (previous year: EUR 7.4 million). Earnings per share were EUR 0.32.


CEO Manfred Kastner, said "We achieved new records in all regions and business areas, especially in the second quarter. Despite a further sharp increase in demand for oil fracturing jobs we also performed more sophisticated specialized activities, such as coiled tubing or inclined drilling, than ever before. The increase in gas fracturing jobs also deserves special mention: In the second quarter of 2006, we performed three times more services on our customers' natural gasfields than in the previous year. The strategic partnership with Burgaz ( part of Russian State owned Gazprom) that we agreed in July will help us further expand these services in the future."

He also said,""We are expecting above-average results in the second half of the year as well. Demand from the Eurasian oil and gas industries for stimulating methods and other additional services to increase well output is growing continually, and we are excellently positioned - not least due to the proceeds from our IPO - to exploit the major growth potential offered by this market."

CAT oil Share price since IPO ......