SOURCE: Industrial Info Resources

Industrial Info Resources

August 27, 2015 06:15 ET

WorleyParsons Swings Into $38.9 Million Loss for Fiscal-Year 2015 Amid Challenging Markets, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwired - Aug 27, 2015) - Researched by Industrial Info Resources (Sugar Land, Texas) -- WorleyParsons, (North Sydney, Australia) swung to an AU$54.9 million ($38.9 million) loss in its just-ended fiscal year from an AU$249.1 million ($176.5 million) profit in the prior fiscal year, amid subdued metals and minerals markets and a sharp cutback in capital expenditures (capex) by oil and gas producers, the global engineering, procurement, construction and management (EPCM) firm said Wednesday. Going forward, the situation is likely to remain the same for minerals and metals markets, company executives said, and the near-term future for the oil industry is uncertain. Industrial Info is tracking 305 active projects worth $198 billion that involve WorleyParsons. This includes $40 billion in projects in the U.S. and $113 billion in projects for Canada.

Within this article: Details on WorleyParsons' quarter and projects, including the cancellation of a contract for an iron ore mine and mill.

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