KBR profit jumps 40 percent on acquisition, government contracts

[sabra]

Source: Houston Chron

KBR said profit jumped 40 percent in the second quarter on contributions from a newly acquired construction company, an increase in work on several global oil and gas projects and better returns from government contracting work in Iraq and elsewhere.

The Houston-based engineering and construction firm and government contractor said net income rose to $67 million, 42 cents per share, from $48 million, 28 cents per share, in the second quarter of 2008. Revenue climbed 17 percent to $3.1 billion, up from $2.7 billion in the April-June period a year ago.

...

Recently, two major contracts in Afghanistan were awarded to the other contractors. Utt said today that KBR will not challenge the Army's decision on the contracts, but after being briefed by the Pentagon, believes the awards went to other companies because the government feels pressure to divide the work among several companies rather than giving it to a single provider.

Utt said the firm's Logcap work in Afghanistan represented just 11 percent of its $5.5 billion in Logcap revenues for 2008. The company continues to hope the Army will renew contracts with KBR in Iraq, he said.

Read more: http://www.chron.com/disp/story.mpl/business/energy/6554652.html

[louis-t]

1. Chee-ney must be soooo happy.

Dr. Death wins again.

[MsLeopard]

2. Making a profit

by electrocuting soldiers. Cheney must be ecstatic. :puke:

[saigon68]

3. He's Masturbating in the Closet, as we type.