German engineering group Bilfinger Berger AG (BFLBY.PK), which last week issued a second profit warning, Monday said first-half net profit fell 19 percent to 55 million euros from 68 million euros in the prior year.
Adjusted earnings per share from continuing operation was 1.61 euros, compared to 1.90 euros last year.
Adjusted EBITA of 111 million euros fell significantly from 150 million euros last year, primarily as a result of the negative development at the Power business segment due to considerable reticence to invest on the part of the European energy providers and some weak project earnings.
Output volume was 3.628 billion euros compared to 3.637 billion euros last year.
Orders received declined to 3.516 billion euros from 3.728 billion euros, due to the developments in the Industrial business segment.
For the second half of 2014, Bilfinger expects unchanged difficult conditions in the European energy market and a rather worsening environment in parts of the European oil and gas sector, otherwise a generally stable development of economic conditions.
For 2014, Bilfinger anticipates an adjusted EBITA of between 340 million euros to 360 million euros, compared to 419 million euros last year.
Adjusted net profit will likely amount to 205 million euros to 220 million euros, in comparison with 255 million euros last year.
The cost-reducing measures initiated will have a positive impact on earnings in the second half of this year.
The company recently issued a profit warning for the second time, adding that Roland Koch decided to step down from the office of Chairman of the Executive Board.
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