Halliburton Profits Spike on Spinoff of Subsidiary
Posted on Jul 23, 2007
Thanks in part to executives’ decision to unload the trouble-prone offshoot KBR in April, multinational corporation (and Dick Cheney’s former employer) Halliburton more than doubled its profits during the three-month period ending June 30, according to the BBC.
Net income for the three months to 30 June rose from $591m a year ago to $1.5bn (£728m), or $1.62 a share.
The figures were lifted by a one-off $933m gain from the spin-off of controversial defence business KBR.