Profit warning for Ausdrill

In declaring cost overruns and low utilisation in its African underground mining joint venture, Ausdrill has effectively announced a profit warning, its second this year. The company now expects net profit for the year to be between $25-30m rather than $25-35m. That was enough to send shivers across the sector and sent its own share price plummeting 10%. Although management assured investors that the problems were contained within the single division – currency impacts, higher maintenance costs and contract losses were blamed – recent sharp falls in the iron ore and gold prices bode ill for the sector. Writedowns,...

In declaring cost overruns and low utilisation in its African underground mining joint venture, Ausdrill has effectively announced a profit warning, its second this year. The company now expects net profit for the year to be between $25-30m rather than $25-35m. That was enough to send shivers across the sector and sent its own share price plummeting 10%.

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