Weir reports 22 pct fall in FY pretax profit on weak oil market
Weir Group Plc, a maker of pipes and valves for energy and mining industries, reported a 22 percent fall in full-year pretax profit, hurt by a weak North American oil and natural gas market.
Weir Group Plc, a maker of pipes and valves for energy and mining industries, reported a 22 percent fall in full-year pretax profit, hurt by a weak North American oil and natural gas market.
The Scottish company said its pretax profit fell to 170 million pounds ($212.3 million) for the year ended Dec. 31, from 219 million pounds reported a year earlier.
Weir's full-year order input fell by 8 percent to 1.86 billion pounds, while revenue fell 11 percent to 1.85 billion pounds for the year, on a constant currency basis. ($1 = 0.8008 pounds)
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)