Amec Fosters' trading profit beats its own estimates

(Reuters) - Oilfield services firm Amec Foster Wheeler Plc reported revenue and trading profit above consensus estimates compiled by it, and said it continued streamlining operations to insulate itself from the impact of the oil price slump.

The company's trading result forecast for the full year remained unchanged, said Chief Executive Jonathan Lewis, who assumed office in June and initiated a review of its strategy and organisation structure.

Shares in the company rose 8.5 percent to 506 pence at 0821 GMT on the London Stock Exchange.

Crude oil prices have fallen more than 60 percent since mid-2014 due to oversupplied markets. Oil and gas companies have in response slashed costs and delayed projects to weather weak oil prices, resulting in lower demand for oilfield services.

The London-based provider of engineering and construction services to oilfields reported a pretax loss of 446 million pounds in the six months ended June 30, compared with a pretax profit of 73 million pounds a year earlier.

Amec said asset write-offs and impairment charges accounted for 371 million pounds out of 440 million pounds in total non-cash impairment charges for the first half of the year.

Excluding the changes, Amec's trading profit stood at 177 million pounds, above the company's consensus of 158 million pounds, Amec said.

Revenue from continuing operations rose 7 percent to 2.84 billion pounds, beating company-provided consensus estimate of 2.54 billion pounds, based on data from 13 analysts.

(Reporting by Pranav Kiran in Bengaluru; Editing by Gopakumar Warrier)