McGrathmaggeddon craters on dire new profit warning

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It’s the punching bag that keeps on giving:

Downgrading existing no guidance is a new one and not very encouraging…

…”significant slow-down in traditionally volatile Project Marketing segment”…that is, apartment bust.

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Shares have opened -25% at new lows and down a catastrophic 80% from float:

Never trust a real estate agent.

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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.