Macmahon Holdings Limited
(ASX:MAH) has lowered its earnings guidance and announced the resignation of its CEO Nick Bowen, to be replaced by chief operating officer Ross Carroll.
The contract mining and construction company now expects to record an annual profit after tax of between $20 million and $40 million as a result of market volatility and rising costs.
The first half is expected to bear the brunt of the earnings decline but Macmahon has projected second half earnings will return to more normal levels.
Shares in Macmahon Holdings last traded at 53 cents before being placed into a trading halt ahead of today’s announcement.
Macmahon Holdings rebounded to a record annual net profit of $56 million in fiscal 2012, from a loss of $2.7 million the year before.
