Weak Oil Prices Hurt Wood Group's First-Half Core Earnings

Reuters

Aug 16 (Reuters) - Oilfield services company John Wood Group Plc reported a 26.3 percent fall in first-half core earnings, hurt by weak demand from oil and gas producers.

The company, founded in 1912 as a ship repair and marine engineering firm, said earnings before interest, tax and amortisation (EBITA) fell to $166.4 million, from $225.9 million a year earlier.

John Wood, which counts BP Plc as one of its customers, maintained its forecast for a 20 percent drop in full-year EBITA.

(Reporting by Pranav Kiran in Bengaluru; Editing by Sunil Nair)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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