UPDATE 1.50pm: Shares in Global Construction Services slumped after the company posted a 26 per cent fall in first-half profit and slashed its interim dividend by more than half.
The construction and maintenance company posted a first-half profit of $9.35 million, down from $12.6 million in the previous corresponding period.
Revenue was off 8 per cent to $96.1 million.
GCS will pay a fully franked interim dividend of two cents a share, down from 4.25 cents previously.
The company attributed the weaker result to continued delays in the letting of major commercial contracts in the Perth CBD, weakness in the housing market and a hesitant climate in the resources sector.
However the company said it expected to deliver an improved second half result as it capitalised on WA's significant investment pipeline.
GCS was particularly confident that the booming oil and gas sector would provide more opportunities for it to win contracts.Shares in the company closed down 2.5 cents, or 3.23 per cent, at 75 cents after hitting an intraday low of 70 cents.
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