The Courier-Mail

WorleyPars­ons promises ‘evolution’

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ENGINEERIN­G group WorleyPars­ons says it will keep evolving to account for “subdued market activity” after tumbling into the red over the past year.

The group yesterday posted a net loss of $54.9 million for the year to June, compared with a profit the previous year of almost $250 million. Its slump comes after the company cut the amount of goodwill on its books by $198.6 million. Revenue fell 8.6 per cent to $8.76 billion.

Chief executive Andrew Wood said revenue had fallen with declining market activity as low commodity prices caused customers to cut capital and operating spending.

WorleyPars­ons shares closed 6.3 per cent higher at $8.13.

Separately yesterday, shares in Drillsearc­h Energy surged 12.4 per cent to 68 after the oil and gas producer said its hedging program had helped soften the impact of lower commodity prices.

Drillsearc­h’s underlying profit beat analyst forecasts at $57.8 million for the year to June, down just 1.1 per cent on the previous year. A net loss of $8.1 million, compared with a $41.9 million profit a year ago, was largely due to a $51.9 million writedown related to assets in Queensland.

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