Australia's Monadelphous tumbles on Albemarle contract termination

Monadelphous

01/08/2024 04:29

** Shares of Monadelphous Group  MND.AX  fall as much as
7.9% to A$11.950, their lowest level since July 11, 2023
    ** MND top loser on the benchmark S&P/ASX 200 index  .AXJO 
    ** Stock last down 5.1%, set for worst day since Feb. 21,
2023 if current losses hold
    ** Construction and engineering co says Albemarle  ALB.N 
notifies that contracts at its project in Western Australia have
been terminated for convenience 
    ** MND sees aggregate revenue to be delivered from all works
to be performed for Albemarle at project for FY2025 would be
between A$75 mln to A$85 mln ($48.99 mln-$55.52 mln)
    ** Says termination of contracts reduces co's current 
construction work-in-hand by A$200 mln
    ** Stock down 12.6% this year, as of last close

($1 = 1.5309 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))