Mining services firms dropping like flies

Thursday 25 July 2013

From BS:

Shares in Ausenco Ltd have plummeted more than 25 per cent after a number of contract specific issues and a softer market saw the engineering and construction group flag lower first-half earnings and warn on its full-year performance.

I’ve lost count of the number warnings now. It’s a wonder the sector isn’t discounted enough already. Mind you, this is Ausenco’s second warning in as many months so things must be deteriorating pretty fast.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. 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.