WorleyParsons see massive $200m impairment

An ongoing weak mining market has seen WorleyParsons writedown in asset values

As part of an ongoing a review of its asset carrying values across all its units “the company expected to recognise a non-cash impairment of goodwill of approximately $200 million,” the company said.

“This represents approximately 10 per cent of the value of goodwill.”

The contractor put the cause down to “ongoing challenging market conditions”.

However it stressed that this writedown will have no impact on existing debt agreements.

It is understood that it may affect guidance for the full year statutory net profit after tax provided May, as these figures did not include the impact of any possible impairments.

This latest announcement comes only months after the firm put plans in place to reduce its workforce by around 2000 positions.

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