Engineering firms adjust to weak infrastructure market

摘要

In response to the downturn in the Australian infrastructure market, engineering procurement construction management (EPCM) companies have engaged in rigorous cost reduction programs since the outset of the current financial year. WorleyParsons, an EPCM service provider in the resources and energy sector announced a 35％ slide in underlying net profit after tax to $100.7m for the six months to 31 December. This was in line with a profit warning issued in November 2013. Since July last year more than 500 jobs have been shed from overhead roles. But the resulting reduction in the number of people employed has incurred restructure costs amounting to $13.6 million which have also dented earnings, down by 29％ on the same period last year.