KBR Inc. has announced that net income attributable to KBR was a loss of US$ 43 million (or US$ 0.29/diluted share) in Q1 2014.
Consolidated revenue Q1 was US$ 1.6 billion compared to US$ 1.8 billion in the Q1 of 2013. Gross profit Q1 2014 stood at US$ 39 million compared to gross profit of US$ 156 million in the prior year quarter.
Gas monetisation results
KBR’s gas monetisation revenue was US$ 400 million, a decline of US$ 195 million, primarily due to reduced business volumes on a gas-to-liquid (GTL) project in Nigeria and a LNG project in Algeria as these major projects were completed or neared completion. Gross profit was US$ 95 million, an increase of US$ 6 million, primarily as a result of fees on additional approved man-hours on an LNG project in Australia.
Gross profit of US$ 33 million related to the favourable preliminary closeout with a client on an LNG project largely matched the cost savings of approximately US$ 30 million recognised on the same project in the prior year.
For more detailed results, visit Energy Global - home of the latest oil and gas news.
Adapted from press release by Callum O'Reilly