Aussie mining services stocks dive after poor results, profit warnings

Sydney

SHARES in Australian mining services firms fell sharply on Monday after they warned they will struggle to grow revenue as big miners slash spending in the face of collapsing commodity prices.

Macmahon Holdings Ltd's shares dived 41 per cent to a record low after the firm lost a key iron ore contract, while larger UGL Ltd fell as much as 15 per cent after posting a half-year loss due to writedowns linked to the mining downturn.