UPDATE 1-Geokinetics Q4 net loss widens
March 10 (Reuters) - Seismic data provider Geokinetics Inc (GOK.A) posted a wider quarterly net loss, as margins shrunk due to higher idle time of its operating crews in Egypt and India, and suspension of operations at an Angola province.
Transition zone crews in Egypt and land crews in India and Trinidad were idled as they were awaiting new projects, the company said in a statement.
However, the company expects larger projects in the United States and higher demand from Africa in 2008. It also expects to restart work in Angola with other larger projects during the second half of the year.
Geokinetics said its offshore crews in Australia, engaged in ocean bottom cable and transition zone work, representing some of its highest margin business, will account for a significantly larger portion of revenue in 2008.
The company said fourth-quarter net loss widened by nearly 41 percent to $9 million. However, loss per share for the quarter narrowed to 87 cents a share from $1.16 as the number of outstanding shares almost doubled to 10.3 million.
Revenue fell nearly 7 percent to $85.5 million.
Analysts on average had expected the company to post a loss of 18 cents a share before special items, on revenue of $86.65 million, according to Reuters Estimates.
Shares of the Houston-based company were trading down 5 percent at $16.24 in late morning trade on the American Stock Exchange. (Reporting by Shradhha Sharma in Bangalore; Editing by Gopakumar Warrier)
