Net profit falls at Hill despite Q1 revenue rise
Hill International recorded Q1 revenue of $176.2m but net profit fell slightly during the same period
Hill International recorded revenues of $176.2m for the first quarter of this year, although net profit fell slightly during the same period.
The project management company said the topline figure for the first three months of 2016 represented a 3.5% rise of the corresponding period in 2015.
However operating profit for the 2016 first quarter was $5.5m, a 1.3% drop from last year's period.
Consulting fee revenue for the first quarter was $157.3m, a 4.1% increase from last year's first quarter, Hill said.
The company's total backlog at March 31, 2016 was $866m, up 0.7% from $860n at December 31, 2015. The 12-month backlog at March 31, 2016 was $399m, up 2.8% from $388m at December 31, 2015.
David Richter, Hill's president and CEO said: "We delivered a solid first quarter, with 4% consulting fee growth and net earnings that more than doubled on a combination of lower overhead costs, interest expense and income tax expense.
"For 2016, we will focus on continuing to grow our backlog, minimising our indirect costs, reducing debt, and maximising our bottom-line profitability."