Engineering giant WorleyParsons has blamed a downturn in its Australian business for a steep fall in profit as it looks to North America for growth.
Net profit fell due to weakness in the Australian business which accounts for just 12 per cent of the group's operations.
Chief executive Andrew Wood said the company had taken decisive action over the past year to ensure it takes advantage of the market conditions and responds to its customers.
"We still see the North American market as being attractive, in both the US and Canada, particularly in gas developments," Mr Wood said.
WorleyParsons expects global spending on hydrocarbons for full year 2015 to be flat compared with the previous year as capital is directed to completing projects already underway.
Still, the company's annual earnings were in line with guidance, excluding the impact of costs of the organisational restructure which has claimed 1700 positions this year.
WorleyParsons' full year profit was 23 per cent lower at $249 million.
Revenue rose nine per cent to $9.58 billion.
More than 50 per cent of the company's revenue now comes from North America and 73 per cent of overall revenue comes from hydrocarbons, followed by mining and infrastructure.
Mr Wood said globally, there had been a period of very strong investment in recent years but the current hiatus in investment would not do substantial harm.
"There is an inevitability around meeting the energy demands of the world and meeting the resource demands," he said.
Most of the company's major customers were being cautious about how they developed those opportunities.
He said Australian hydrocarbon assets would need to be supported as they approached completion.
WorleyParsons has cut 4000 roles worldwide in recent years as projects were put on hold.
The company said key markets continued to present challenges, including increasing competition and customers delaying commitments to new developments.
The company will pay a final dividend of 51 cents per share.
At 1615 AEST, its shares were down 4.1 per cent to $17.88.
IG Market analyst Evan Lucas said net profit wasn't brilliant, but it was in line with analysts' expectations.
"Their hydrocarbons business is still maintaining the majority share of their earnings before interest and tax (EBIT) and they are still maintaining better than expected numbers and still seeing some form of demand return," Mr Lucas said.
The company continued to look at restructuring, flagging reductions in capital expenditure as it concentrates on infrastructure and its hydrocarbons business.
"It clearly suggests they're still looking at capital management and that things are still pretty rocky."
"Conditions still aren't brilliant."
AUST OPERATIONS DRAG ON WORLEYPARSONS PROFIT
* Full year net profit of $249m, down 23 pct from $322m in 2012/13
* Revenue of $9.6b, 8.5 per cent up from $8.8b
* Final dividend of 51 cents per share (20.5 per cent franked), unchanged
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