Houston-based LNG engineer KBR posted a US$42 million income in the fourth quarter 2015, compared to a $1.24 billion net loss in the same quarter the year before.
Company’s statement issued on Friday reveals a $203 million net income for the whole year 2015, compared to a $1.26 billion net loss in 2014.
Stuart Bradie, President and Chief Executive Officer of KBR said that the positive financial results come on the back of “strong” operational performance and transformation.
“KBR’s transformation is well underway and we are on track to achieve the year-end 2016 targets for segment profit margin percentages and at least $200 million in annual cost savings. To date the company has identified and actioned more than $165 million of the $200 million savings target,” Bradie said.
The company also won Magnolia LNG engineering, procurement and construction (EPC) contract with its joint venture partner SK Engineering & Construction.
KBR’s revenue for the fourth quarter was $1.1 billion compared to $1.4 billion in the same period the year before, while revenue for the year 2015 was $5.1 billion compared to $6.3 billion in 2014.
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LNG World News Staff