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Weir profit down on falling orders for mining equipment
July 30, 2013 / 6:21 AM / 4 years ago

Weir profit down on falling orders for mining equipment

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.

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