Engineering Firm Complains of Slow Payment by Aussie Mining Giants

Half 2011 net profit after tax of $152 million, still enjoyed an 18 percent increase on its profit mainly due to growth in the hydrocarbons and mining businesses. However, the firm's deal with government and public infrastructure projects weakened for the period.

Mr Grill said that some of the tier-one companies are sticking strictly with terms of contracts when it comes to collection with the terms dictated by the companies.

Among the tier-one mining firms that WorleyParsons deal with are BHP Billiton, Fortescue Metals, Rio Tinto, Xstrata and Anglo American, while energy firms it has contracts include Shell, ExxonMobil and Chevron.

The company said it expected to continue building business relationships with global firms although it did not provide specific guidance on full-year results but insisted it anticipates good growth. The firm predicted that its margins from the hydrocarbons business, which accounts for 69 per cent of its revenues and were hardest hit, would likely improve in the next six months.

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