Ausdrill shares plummet

Drilling company's shares lose more than 25% on earnings guidance downgrade.

Shares in one of Australia's largest drilling companies, Ausdrill (ASL), have fallen more than 25% after the company lowered its 2014 full year profit forecasts.

The group said it expects to report a net profit after tax of between $35 million and $45 million for the financial year to June 30, 2014, due to weaker-than-expected first quarter results and soft prevailing market conditions.

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