TGS Q2 2016 Revenues up 79% From Q1, Quarterly Dividend Maintained

ASKER, NORWAY–(Marketwired – Aug 4, 2016) – TGS reported net revenues of USD 114 million in Q2 2016, up 79% from the prior Quarter (USD 64 million in Q1 2016). Operating profit for the quarter was USD 22 million. This improved performance in Q2 2016 compared to preceding quarters reflects a slight improvement in oil companies’ willingness to invest in seismic data as well as cost control and rightsizing initiatives implemented by the company (adjusted personnel and other operating costs down 30% from Q2 2015). Cash balance at the end of Q2 2016 was USD 162 million. Quarterly dividend is maintained at USD 0.15 per share.

Source: http://www.marketwired.com/mw/release.do?id=2147887&sourceType=3