Worley Parsons cuts more jobs amid profit fall

By Stephen Letts

The company, which specialises in designing and building large scale oil and gas projects, says the decline was primarily due to a downturn in its Australian business.

The company’s primary business in hydrocarbons experienced a 4 per cent drop in earnings with only its European business reporting a stronger year.

Global engineering firm Worley Parsons has reported a 23 per cent fall in full-year net profit to $249 million.

The company has endured a tough 12 months with its share price falling more than 20 per cent as work on some of its big LNG projects dried up as they moved to their start-up phase.

“We expect global capital expenditure levels in hydrocarbons for financial year 2015 to be flat compared with financial year 2014, with capital largely being directed to completing projects already underway”.

Photo: Worley Parsons specialises in engineering work for oil and gas projects.

In response, Worley Parsons cut an additional 1,200 jobs in the past six months, taking the total job losses for the year to 1,700.

Worley Parsons maintained its final dividend at 51 cents per share, but the overall full-year payout slipped from 92. 5 cents to 84 cents.

“Infrastructure was impacted by the downturn in resource project activity in the Australian business,” the company noted.

Read more here: ABC


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