CB&I’s profit down

CB&I's profit down

The LNG engineer Chicago Bridge & Iron on Wednesday reported a second quarter net income of US$123.8 million, 26.9 percent decrease compared to the $169.5 million in the corresponding quarter of 2015. 

Revenues for the second quarter of 2016 were $2.7 billion, as compared to $3.2 billion in the second quarter of 2015, the company said.

New awards for the second quarter of 2016 totaled $1.8 billion, as compared to $2.8 billion for the second quarter of 2015.

The company’s profit for the first six months of 2016 reached 230.7 million, a significant drop of 23.5 percent from 301.7 million in the first six months of 2015.

Despite the drop in profit, CB&I’s president and CEO Philip K. Asherman said that the rebound in new awards is a sign for subsequent EPC awards.

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Posted on July 28, 2016 with tags .

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