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Shares in Australia’s WorleyParsons dropped as much as 13.4 per cent after the energy and resources services company swung to a loss in the first half of its financial year.

Revenue and other income for the half-year period fell 35 per cent to A$2.7bn ($2.1bn), contributing to a net loss after tax of A$2.4m compared to profit of A$23.1m a year earlier.

Much of that drop was the result of restructuring costs, which came to A$56.2m for the six months ended December. WorleyParsons also failed to pay any dividend for the period.

Shares had pared back losses to be down 9 per cent in mid-morning trade in Sydney.

Copyright The Financial Times Limited 2018. All rights reserved.

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