Hagler Bailly Inc., which provides management consulting services to the energy, utilities, telecommunications and environ- mental industries, said its second-quarter profit was $1.5 million (9 cents a share), down from the $4.1 million (25 cents) it reported for the same period last year.

But the Arlington-based company said the results were in line with its revised estimates and the revised consensus of Wall Street analysts. The company attributed its decline in earnings to a variety of factors, including cost-structure changes and the timing of the start-up of contracts.

Early last month, the company unveiled a program to boost profits by improving margins and annual revenue growth at a rate of 15 percent to 25 percent next year. The company said it will streamline operations and deploy consultants in areas where it can achieve the highest growth and profits.

For the first six months of this year, the company said its profit was $2.7 million (16 cents), down from the $7.5 million (46 cents) it reported for the first half of 1998.

Hagler's second-quarter revenue was $44.6 million, compared with $46.3 million for the same period last year. For the first six months of 1999, the company generated sales of $84.8 million, a slight drop from the $85.6 million in the year-earlier period.

Hagler Bailly's stock closed yesterday at $7 a share, up 6 1/4 cents on the Nasdaq Stock Market.