NRW joins contractors' downgrade club
UPDATE 2.20pm: Shares in mining contractor NRW Holdings fell after the company downgraded its full-year revenue and profit forecasts, citing contract delays and project deferrals.
NRW said it now expected its revenue in the 2012/13 financial year to be about $1.3 billion, down from its previous forecast of between $1.4 billion and $1.5 billion.
Net profit in the year to June 30 is expected to be in the range of $73 million and $76 million, down from $97 million in the previous year.
The company said revenue had been impacted by delays in the award of new contracts and the slower than anticipated ramp up of those projects.
The shortfall in anticipated revenue is expected to flow into the 2013/14 financial year, NRW said.
NRW shares closed off seven cents, or 6.48 per cent, at $1.01.
