Det danske Fredsakademi
Kronologi over fredssagen og international politik 23. Juli 2004 / Time Line July 23, 2004
Version 3.007/23/2004
Halliburton Swings to a Loss
By Russell Gold
Halliburton Co. reported a second-quarter loss as revenue from its
U.S. government contract work in Iraq began to ebb and the company
recorded two hefty charges related to an offshore construction
project and mounting costs for its asbestos-litigation fund.
The Houston energy-services and construction giant said revenue
from U.S. government contracts in Iraq was $1.7 billion, well above
a year ago, but below the last two quarters. And it is expected to
continue to decline. The U.S. government has begun to re-bid work
previously performed under Halliburton's contingency contract, with
awards going to other companies.
Halliburton has spent $1.1 billion in Iraq that the government
hasn't reimbursed yet, the company said, due to delays in providing
expense details. This is slightly down from the $1.25 billion owed
at the end of March and a "general decline" is expected through the
end of the year, said chief financial officer C. Christopher Gaut.
Still, company-wide receivables, or money owed to Halliburton by
customers, was up 57.6% to $5.8 billion in the second quarter. The
period included $809 million in after-tax charges.
Overall, Halliburton reported a net loss of $663 million, or $1.51
per share, compared to a profit of $26 million, or six cents a
share in the year-ago quarter. Revenue in the quarter was $5
billion, up 37.7% from $3.6 billion a year ago, writes the Wall
Street Journal.
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