Foster Wheeler Q2 profits fuelled by power division

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Foster Wheeler AG recently reported net income for the second quarter of 2011 of US$63.3mn, compared with US$58.9mn, in the second quarter of 2010.

Foster Wheeler's Interim Chief Executive Officer, Umberto della Sala, said, "The company reported a 17 per cent increase in net income in the second quarter of 2011, relative to the average quarter of 2010. "

Della Sala added, "The results were attributable to the very strong performance of the company's Global Power Group, which reported sharp increases in scope revenue and EBITDA relative to the average quarter of 2010," della Sala added.

The company said Global Power Group scope operating revenues for the quarter were 62 per cent above the average quarter of the prior year, reflecting the increased volume of boiler work.

Commenting on the market outlook Della Sala said, "Markets seem to be improving for both of our business groups, although the pace of that improvement is slightly better in the power sector."

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