Shares in Cardno Limited
(ASX:CDD) lost a quarter of their value after slashing its first half profit guidance.
The infrastructure and environmental services consultancy expects to book an interim operating net profit after tax of between $27 million and $31 million.
The anticipated result is significantly down from the company’s net profit of $43.1 million delivered the year before.
CEO Michael Renshaw has blamed the downgrade on a number of factors including difficult conditions in Australia amid reduced investment in mining, oil and gas.
Shares in Cardno plunged 24.95 per cent to close at $3.61 on Friday following the announcement.
Cardno reported a net profit of $78.13 million in the full 2014 financial year.
