Investors + Media Announcements 2008 Notification of Suspended Project
Notification of Suspended Project
03 December 2008
AusGroup today announced the project suspension for the fabrication of a twin cell car dumper and iron ore wagon.
The current uncertainty in the world financial markets has lead to reviews of capital projects being undertaken by our customers, which in turn impacts on contracts that the Group has either won or is currently tendering on.
The Group has been advised by a customer that the contract that was previously announced to the SGX on 10 June 2008 to the value of AUD$21 million has been suspended “for such time as our client decides”. AusGroup had completed 42% of the contract to date.
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“This will impact on AusGroup’s Q3 and Q4 2009 results, as the contract was expected to be completed in the current financial year. The Group is putting contingency plans in place to limit the impact of the suspended contract to the company”. Mr. John Sheridan, Managing Director of AusGroup Ltd. |
