Shares Emeco Holdings Limited
(ASX:EHL) slumped to the worst performer in the top 200 after downgrading its profit guidance on Friday.
The mining equipment supplier has cut its first half profit expectations to between $23 million and $26 million from an earlier forecast of $29 million.
Emeco has blamed the downgrade on continuing low activity levels in Australia impacting contract renewal expectations.
Managing Director and CEO Keith Gordon says lower commodity prices and subdued mining activity is presenting challenges in the Australian market.
Mr Gordon says this softness is expected to be offset by Emeco’s solid Indonesian customer base and strong trading conditions in Canada and Chile.
Shares Emeco Holdings slumped 16.9 per cent on Friday to end the week at $0.515.
Emeco Holdings posted a net profit of $69.7 million in the 2012 financial year.
