MARKETS SPECTATOR: UGL falls down the mine

Shares in the resources services company tanked after it flagged a nearly 50 per cent fall in FY net profit, largely fuelled by miners cutting costs.

UGL shares plunged 15 per cent after the mining services company said today its net profit in the financial year will fall as much as 47 per cent from 2012 as the world’s biggest mining companies slash spending.

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