Dutch engineering and consultancy company Arcadis NV (ARCAY.PK) reported a 35 percent decrease in net income for full year 2016 on lower revenues.
For the year, net income declined to 64.2 million euros from 98.7 million euros last year. Net income per share decreased 36 percent to 0.76 euros from 1.19 euros last year.
Net income from operations was 91.0 million euros, down 34 percent from 137.1 million euros a year ago. Net income from operations per share fell to 1.08 euros from 1.66 euros in the prior year.
Gross revenues declined 3 percent to 3.33 billion euros from 3.42 billion euros, and net revenues decreased 5 percent to 2.47 billion euros last year. Organically, revenue declined 4 percent.
The decrease in net revenue was mainly due to a 37 percent organic decline in Brazil, and lower revenues in North America, Asia and CallisonRTKL.
Arcadis interim CEO Renier Vree said, "I am confident that our actions position us for profitable growth. We will continue to focus on our clients to increase our backlog and revenues, reduce our cost base, improve project management, expand our Global Excellence Centers, while reducing working capital."
Further, Arcadis proposed a dividend of 0.43 euro per share, down from 0.63 euro per share in the prior year.
Arcadis also said that the process to appoint a new CEO is well advanced, and the company is hopeful that it will be able to make an announcement on this topic in the near future.
by RTT Staff Writer
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