Australia's Mastermyne slides to over a year low on profit drop

Mastermyne

26/02/2025 01:14

** Shares of Mastermyne MYE.AX fall 16.1% to A$0.13, dropping the most since mid-December, 2023

** Shares of the mining services company drop to their lowest level since February 21, 2024

** MYE's half-yearly profit from ordinary activities after tax attributable fell 91% to A$969,000 ($614,636.70), compared to A$10.9 million reported a year ago

** Profit hit is due to competitive market conditions and suspension of Grosvenor services

** 1.5 million shares change hands, vs the 30-day average of 163,178

** Stock down 6.1% this year

($1 = 1.5765 Australian dollars)

 (Reporting by Nichiket Sunil in Bengaluru)

 ((Nichiket.Sunil@thomsonreuters.com))