The LNG engineer Chicago Bridge & Iron posted a US$107 million profit for the first quarter of 2016, a 19.1 percent drop compared to a $132.2 million profit during the same quarter in 2015.
However, this is a turnaround compared to the $65.7 million loss during the previous quarter, the fourth quarter in 2015.
Revenue for the quarter was at $2.7 billion, 14.6 percent down on the same quarter in 2015, when the company recorded a quarterly revenue of $3.1 billion, CB&I’ statement on Wednesday revealed.
New awards for the first quarter were $1.2 billion with a backlog of $21.2 billion, CB&I said. These awards include scope increases for an LNG mechanical erection and instrumentation project in Australia.