More bad news from Ausdrill (ASL) about its revenue saw the share price under pressure again yesterday.
The company told the market very late on Tuesday night that a customer’s postponement of operations in Africa would cost it $28 million in lost revenue.
Ausdrill says Resolute Mining’s (RSG) decision to defer some work at its Syama Gold Mine in Mali would reduce expected revenue by $US3.5 million ($A3.79 million) a month for the next eight months.
It’s the latest in a growing string of bad news announcements from Ausdrill which has already warned of a 13% slide in earnings thanks to companies in the iron ore and gold sectors cutting spending.
ASL YTD – No relief in mining services
Ausdrill announced in August that it was taking a pre-tax hit of up to $80 million to its 2013-14 profit, mostly down to a write-down in goodwill.
The company later announced a net loss of $43 million for 2013-14. That was after a 70% fall in underlying profit to $34.4 million.
Ausdrill shares have fallen more than 50% so far this year and had closed at 50.5c on Tuesday before the latest announcement.
The shares fell 11% yesterday to 45c. Resolute surged 20% to 27.5c.