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Weir reports 22 pct fall in FY pretax profit on weak oil market
February 22, 2017 / 7:58 AM / 10 months ago

Weir reports 22 pct fall in FY pretax profit on weak oil market

Feb 22 (Reuters) - Weir Group Plc, a maker of pipes and valves for energy and mining industries, reported a 22 percent fall in full-year pretax profit, hurt by a weak North American oil and natural gas market.

The Scottish company said its pretax profit fell to 170 million pounds ($212.3 million) for the year ended Dec. 31, from 219 million pounds reported a year earlier.

Weir’s full-year order input fell by 8 percent to 1.86 billion pounds, while revenue fell 11 percent to 1.85 billion pounds for the year, on a constant currency basis. ($1 = 0.8008 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)

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