March 7 Temporary power provider Aggreko Plc
expects a lower pre-tax profit in 2017 after posting a
3 percent decline in full-year underlying revenue, hurt by low
oil prices and currency impact.
Underlying revenue for the year ended Dec. 31, 2016 came in
at 1.52 billion pounds ($1.86 billion), compared with 1.56
billion pounds in the previous year, as low oil prices impacted
a number of markets, particularly North America, the British
company said on Tuesday.
"We expect to see growth across the group in 2017, augmented
by incremental annualised cost savings of 25 million pounds from
the second half," said Chief Executive Chris Weston.
"However, this will be more than offset by the significant
impact of Argentina and as a result we expect full-year profit
before tax and pre-exceptional items to be lower than last
Aggreko, whose plants are used to supplement base-load
capacity, said profit before tax and exceptional items fell to
221 million pounds in 2016 from 252 million pounds a year
($1 = 0.8178 pounds)
(Reporting by Arathy S Nair and Tenzin Pema in Bengaluru;
Editing by Subhranshu Sahu)