WorleyParsons cuts 1700 jobs

While annual group profit margins continued their five-year decline, dropping 0. 8 per cent to 6. 1 percent, second-half margins jumped to 7. 6 per cent from 4. 7 per cent in the first half, the highest level for three years. Group revenue rose 8. 5 per cent to $9. 6 billion.  The company will pay a final dividend of 51¢ per share compared to 10. 5¢ a year ago after operating cash flows strengthened to $550 million from $444 million a year earlier.

WorleyParsons confirmed it had cut 1700 jobs over the past year as the group’s core engineering businesses weakened, pushing group net profit down 23 per cent to $249 million.

Read more here: SMH


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