WorleyParsons Ltd., Australia’s biggest engineering company, said full-year profit fell 26 percent after project delays and a stronger currency cut revenues.
Net income was A$291.1 million ($257 million) in the 12 months to June 30, from $390.5 million a year ago, the Sydney- based company said in a statement. Sales declined 20 percent to A$4.97 billion.
“Delays and project deferrals, across a number of sectors in which the company operates, had a significant impact on profitability,” Chief Executive Officer John Grill said in the statement. “The result was also affected by the A$41 million impact of a stronger Australian dollar.”
WorleyParsons, which said it expects to increase earnings in the next 12 months, without giving a forecast, fell 5.3 percent to A$21.06 at 10:16 a.m. Sydney time on the Australian stock exchange.