AusGroup's Q2 net profit slips 17%

AUSGROUP'S net profit for the second quarter ended Dec 31, 2013, slid 16.7 per cent to A$2.3 million (S$2.6 million) from A$2.8 million a year earlier

Revenue fell 54.9 per cent, from A$150.9 million to A$68 million, as a result of the downturn in mining services and the company's shift from project delivery to maintenance contracts.

"As anticipated last quarter, the slowdown in the minerals mining sector has seen revenues softening into the future as compared to previous years," said the provider of fabrication, construction and integrated services yesterday.