WorleyParsons Ltd. (WOR.AU) Wednesday posted an 18% increase in first-half profit on continued strength in the global resources and energy markets, but cautioned that cost increases and project delays were impacting margins.

Net profit rose to A$151.9 million (US$163.6 million) in the six months through December from A$128.6 million the year before on the back of an 18% increase in revenue to A$3.3 billion from A$2.8 billion, the Australian petroleum and mining services company said. It added that it expects healthy growth in its 2012 underlying earnings over the year before.

WorleyParsons said it took a A$10.1 million hit in the first half from translating earnings in weaker currencies into Australian dollars. The year-earlier profit figure also included an accounting gain of A$9.4 million, without which profit would have climbed 27%.

"Strong capital spending by our major global customers underpinned the growth in our key markets of hydrocarbons and minerals and metals during the period, while the smaller customers in both sectors were experiencing project delays as available funds tightened," Chief Executive John Grill said.

The company secured a number of contracts with companies including BHP Billiton Ltd. (BHP), ExxonMobil Corp. (XOM) and Oman Oil Co. during the six-month period.

WorleyParsons forecast improved earnings in its petroleum division in the second half of the year, with the industry's focus on natural gas projects expected to rise and crude oil development opportunities remaining healthy based on reasonable strength in oil prices.

It also said earnings are likely to improve in the power, metals and minerals, and infrastructure sectors of its portfolio in the second half of the financial year.

WorleyParsons plans to pay an interim dividend of 40 cents a share, compared with 36 cents the year before.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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