Share buyback announced
(Thomson Reuters ONE) -
DNO International ASA's Board of Directors today announced a share buyback
program following release of preliminary second quarter 2011 results. The timing
and volume of the share purchases will depend on market conditions.
"Given the ongoing sell-off and sharp declines in global securities, we have
decided to invest available cash to capitalise on the undervaluation of the
Company's share price," said DNO Chairman Bijan Mossavar-Rahmani.
DNO will publish its full results on 17 August 2011. The Company previously
reported receipt of USD 103.7 million under an interim agreement between the
Kurdish Regional Government and Baghdad. Following further elaboration and
confirmation from both Kurdistan authorities and the Company's auditors, the
payment has now been recognised as revenue in the second quarter.
Preliminary second quarter financial results are as follows: sales NOK 730
million; gross profit NOK 430 million; operating profit NOK 355 million; net
profit NOK 215 million; EBITDA NOK 565 million; and netback NOK 550 million.
The cash position at 30 June 2011 was NOK 1,245 million.
Oslo, 10 August 2011
DNO International ASA
Corporate Communications
For more information:
Media:
Communication Director Tom Bratlie
Phone: +47 905 21 904
Financial Market:
Chief Financial Officer Haakon Sandborg
Phone: +47 23 23 84 80
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO International ASA via Thomson Reuters ONE
[HUG#1537379]
Unternehmensinformation / Kurzprofil:
Datum: 10.08.2011 - 09:08 Uhr
Sprache: Deutsch
News-ID 57105
Anzahl Zeichen: 2261
contact information:
Town:
Oslo
Kategorie:
Business News
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