CCG Q1 Loss Widens On Lower Revenues - Quick Facts

(RTTNews) - French geoscience company CGG (CGG) reported that its first-quarter net loss attributable to owners of the company widened to $129 million from $56 million in the prior-year quarter. However, loss per share narrowed to $0.24 from $0.29 in the year-ago period.

Operating loss for the quarter was $81 million, compared to operating income of $18 million in the same period last year.

Operating revenues for the quarter declined 45 percent to $313 million from $570 million in the same quarter last year, due to change in perimeter and depressed market conditions.

Looking ahead, the company said while it continues to expect a depressed environment for the whole year, it should fully benefit from its Transformation Plan in the second half. The company confirmed that it aims to reach a net debt of less than 2.4 billion dollars by the end of 2016.