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Last Updated: Monday, 23 July 2007, 15:16 GMT 16:16 UK
Halliburton profits rise on split
An oil worker at the Shuaiba refinery near Basra
Halliburton was formerly headed by US vice president Dick Cheney
Profits at US oil services firm Halliburton have more than doubled, buoyed by its decision to spin off subsidiary KBR.

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.

This followed a number of scandals involving KBR, including its role in reconstructing Iraq.

It was accused of overcharging the US government for key contracts in Iraq.

KBR was also at the centre of a Washington probe into bribery during the 1990s.

The two firms split in April, with Halliburton saying the move would allow it to concentrate on its areas of expertise in offering services to oil companies across the world.

Excluding one-off items, profits at Halliburton rose to $595m compared to $498m for the corresponding period last year.

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