Service Stream Limited
(ASX:SSM) is set to cut as many as 100 jobs to offset a decline in profits, according to media reports.
Shares in Service Stream have not traded since June 13 when the company voluntarily suspended its shares from the ASX to consider the future of Syntheo - its joint venture with Lend Lease Group
(ASX:LLC).
Syntheo holds several construction contracts with NBN Co.
The redundancies have reportedly already begun at Service Stream, with the group using its ongoing trading halt to negotiate a withdrawal from the Syntheo JV.
Service Stream generated a net profit of $8 million in the first half of the 2013 financial year.
