Shares in Southern Cross Electrical Engineer Limited (ASX:SXE) have fallen more than 20 per cent after cutting its annual profit guidance.
The company expects its full year net profit to fall to between $7 million to $10 million, down from $17.3 million the year before.
Southern Cross Electrical Engineer says the forecast has been impacted by delays in anticipated award and commencement of contracts.
The company has always warned its full year results remain dependent on award and executing of work in line with existing forecast schedules.
Shares in Southern Cross Electrical Engineer had fallen more than 20 per cent to $0.58 in morning trade.
Southern Cross Electrical Engineer reported a net profit of $6.2 million in the first half of the 2014 financial year.
