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CIMIC Group Q1 profit falls YOY

CIMIC Group Ltd. said its first-quarter normalized net income was A$108.6 million, a decrease of 18.0% from A$132.5 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 3.1% from 2.3% in the year-earlier period.

Total revenue declined 39.3% on an annual basis to A$3.47 billion from A$5.70 billion, and total operating expenses declined 40.1% on an annual basis to A$3.26 billion from A$5.44 billion.

Reported net income totaled A$124.1 million, compared with A$152.0 million in the year-earlier period.