Shares in Worley Parsons have dived more than 20 per cent after a profit warning from the company.
The company on Wednesday said it expected underlying net profit for fiscal 2014 to be in the range of $260 million to $300 million.
This compares to the increased earnings on its 2013 net profit of $322 million it predicted at its last annual general meeting.
Investors dumped their Worley Parsons shares on the news, with the stock down $4.33, or 20.7 per cent, to $17.25 at 1035 AEDT.
The company, in its statement, said its revised outlook reflected reduced revenue from professional services, particularly in its large Australian and Canadian businesses.
It also reflected the implementation of a cost reduction program across the group, the benefits of which will begin to be realised in the second half of the year.
Worley Parsons now expects net profit in the first half of fiscal 2014 to be between $90 million and $110 million.
Its net profit for the year to June 2013 was down on the $353.2 million profit in the previous financial year.
