A rare treat this morning for investors with mining services firm, Clough, announcing a profit upgrade. From the AFR:
Strong contract performance and cost efficiency and productivity measures have seen the engineering and project services company upgrade fiscal 2013 earnings before interest and tax expectations to $90 million on revenue of $1.5 billion.
…Clough has benefited from its exposure to the more defensive oil and gas space, with mining and minerals contractors hit the hardest following the slump in commodity prices.
However oil and gas focused contractor Worley Parsons joined the likes of Transfield Services, Boart Longyear and UGL in issuing earnings downgrades last month, which called into question the relative safety of oil and gas.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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