When Monadelphus took off it should have been a warning to investors that the mining rally had turned really stupid. And today they get their reward, from The Australian:
Engineering contractor Monadelphous is continuing to pivot away from the resources sector towards the oil and gas industry as the mining downturn continues to put pressure on the group.
Monadelphous today booked a profit of $67 million for the year through June, a 37 per cent slide year-on-year. Revenue for the group (MND) was down 27 per cent to $1.37bn.
