Weir profit down on falling orders for mining equipment
LONDON, July 30
LONDON, July 30 (Reuters) - British engineer Weir Group posted a smaller-than-expected 14 percent fall in first-half profit, reflecting a slowdown in demand for mining equipment.
The company, which makes pumps and valves for the mining, oil and gas industries, maintained its full-year forecast for a single digit percentage rise in revenue
First-half pretax profit was 193 million pounds ($296 million), beating analyst forecasts for 188 million pounds, according to Thomson Reuters I/B/E/S data.
Makers of mining equipment like Caterpillar, Sandvik , and Atlas Copco have seen order bookings fall this year as lower metal prices force miners to cut costs, often by delaying expansions and new projects.