Macmahon Holdings Limited’s
(ASX:MAH) Chairman has apologised for a recent earnings downgrade and vowed to rebuild market confidence in the contract mining and construction company.
Macmahon Holdings lowered its annual earnings guidance in September, to between $20 million and $40 million, after which its CEO Nick Bowen resigned.
Chairman Ken Scott-Mackenzie says the company will now review its costs and construction projects and assess its business mix and risk profile.
New CEO Ross Carroll is expected to detail these developments at Macmahon’s annual general meeting this Friday in Perth.
Macmahon Holdings posted a record annual net profit of $56 million in the 2012 financial year.
