Home > Ausdrill calls timeout, profit downgrade expected

Ausdrill calls timeout, profit downgrade expected

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Mining services company Ausdrill is warning challenging market conditions will impact its bottom line.

The company entered into a trading halt on Tuesday, announcing it is reviewing operating performance as a result of  “ongoing challenging market conditions” which are “weaker than expected”.

Perth-based Ausdrill is preparing to update the market on its outlook for this financial year.

The mining slowdown has already hit the company hard.

In April, Australian Mining reported Ausdrill posted a 15 per cent profit downgrade for the 2012/13 financial year.

In an investor update the company said at the time it expected a $90-96 million profit for the year, falling from the $112 million forecast made in February.

Trading is expected to re-commence on Thursday.

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