(Reuters) -Baker Hughes Co posted a quarterly loss on Wednesday, compared with a profit a year ago, hit by $230 million in restructuring and impairment charges related to the oilfield services provider’s latest reorganization.
The company during the quarter said it would simplify its organizational structure into two business units from four.
Net loss attributable to the company was $17 million, or 2 cents per share, for the three months ended Sept. 30, compared with a profit of $8 million, or 1 cent per share, a year earlier.
“The macro outlook has grown increasingly uncertain as the global economy is dealing with strong inflationary pressures, a rising interest rate environment, and sizeable fluctuations in global currencies” said Lorenzo Simonelli, the chief executive officer of Baker Hughes.
On an adjusted basis the company posted a profit of $264 million, up from $141 million a year earlier.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
