McAleese hit by Atlas closure, requests halt

Company News

McAleese Limited (ASX:MCS) has been greatly affected by the Atlas Iron (ASX:AGO) decision to cease production and has requested a trading halt. 
 
The transport company was expecting about 40 per cent of its earnings from its haulage contracts with Atlas Iron and says it needs 10 days to review the financial and operational implications of the decision. 
 
McAleese says it has been in close communication with Atlas regarding the partnership and is committed to working with the miner to achieve outcomes in the best interests of employees and business. 
 
The McAleese share price has seen a horror 12 months following a fatal truck crash in Sydney, the stock has slipped from 60 cents to just 16 cents. 
 
McAleese reported a net profit of $52.5 million for the first half of the 2015 financial year.