Commenting on the financial results, CEO Steve Angel said, "Linde employees delivered strong financial results by improving operating profit margins
to drive 12% EPS growth and securing a record project backlog of $4.7B.
On top of that, operating profit margins
for the year will be "at the lower end" of the 23-25% range previously set out.
Fitch estimates that operating profits rose on average 6% YoY, resulting in improved operating profit margins
for the sector.
"The improvement in operating profit margins
has been primarily driven by lower raw material costs on the back of declining crude oil and other commodity prices resulting in lower operating costs.
The models seek to solve two objectives by combining them into one optimization formulation, resulting in an expected return with the least risk: objective (1) is to maximize expected value of a portfolio of operating profit margins
, and objective (2) is to minimize the variance of the portfolio of operating profit margins
The third quarter of 2011 was the high-water mark for adjusted EBITDA and underlying operating profit margins
Additionally with the adjustments to electricity tariffs effective from June 1, 2011, operating profit margins
Reflecting on the results which included a growth in subscriber numbers by 23 per cent and a 1 per cent growth in revenues to Dh32.2 billion and profits of Dh11.6 billion before 50 per cent federal royalty, etisalat chairman Mohammad Hassan Omran said, "Etisalat has continued to achieve growth in its operating revenues, and also maintained strong operating profit margins
at 32 per cent before federal royalty.
The rating was constrained by the firm's moderate and limited scale of operations, as well as its low operating profit margins
, high gearing levels and weak debt protection indicators.
In addition, the five had higher operating profit margins
from buses than from other sectors in which they were involved.
Depending on the particular staffing indicator, administrative expenses, activity expenses, operating profit margins
, and benefit expenses all played a greater role than the type of ownership.