Engineering firm WorleyParsons has posted an improved underlying full year profit despite the impact of uncertain economic conditions and the high Australian dollar.
WorleyParsons posted a net profit of $353 million for the year to June 30, down three per cent from the previous year's $364 million.
Last year's result included a gain of almost $66 million on the value of the company's interests in associate entities. The gain in the year to June, 2012, was $7.6 million.
Without those investment revaluations, WorleyParsons' underlying profit in the year to June 30 was $346 million, up 16 per cent from $299 million in the previous year.
The majority of the company's work is located overseas, and its underlying profit in the year to June included a $14.2 million impact from the higher value of the Australian dollar compared to the previous year.
Chief executive John Grill said global economic conditions had also proved challenging.
WorleyParsons' hydrocarbons and minerals business, which is exposed to the oil and gas sectors, remained its largest earnings contributor.
Its earnings in the year to June were up six per cent from the previous year, and the company expects further growth in the 2012/13 financial year.
"We continue to see an increase in the volume of projects in the unconventional oil and gas market, especially shale gas in the USA, oil sands in Canada and coal seam gas in Australia," Mr Grill said in a statement.
Overall, the company's underlying earnings are also forecast to rise in the 2012/13 year.
"This will be achieved through organic growth, as well as by taking advantage of acquisition opportunities that provide value for shareholders," Mr Grill said.
"We are confident that our medium- and long-term prospects remain positive based on our competitive position, our diversified operations and strong financial capacity."
WorleyParsons declared a final dividend of 51 cents per share, franked at 61.3 per cent.
