World News

Baker Hughes quarterly adjusted profit falls 8%

(Reuters) – Oilfield services provider Baker Hughes Co <BKR.N> reported an 8% fall in first-quarter adjusted profit on Wednesday and booked over $16 billion in impairment and restructuring charges.

The company warned the oil industry’s future looks “equally uncertain” as the past few months saw crude oil prices slip to historic lows.

Adjusted net income attributable to the company fell to $70 million, or 11 cents per share, in the three months ended March.31, from $76 million, or 15 cents per share, a year earlier.

(Reporting by Shradha Singh in Bengaluru; Editing by Arun Koyyur)