Australia's Saunders International falls on termination of U.S. contract

Saunders International

06/04/2023 03:58

** Shares of Saunders International Ltd  SND.AX  fall as
much as 7.6% to A$1.035, set for their worst day since June 21,
2022, if trend holds
    ** Engineering and construction co says U.S.-based Crowley
has issued notice to terminate A$165 mln ($110.52 mln) contract
with co which they entered in Nov. 21
    ** Contract involved design and construction of fuel storage
tanks, among other services for the overall U.S. Defence fuel
storage facility in Darwin, Northern Territory
    ** Co sees FY23 revenue towards the lower end of previous
forecast of A$190 mln to A$220 mln
    ** SND at its lowest level since Oct. 27, 2022
    ** Stock down ~1% YTD, as of last close

($1 = 1.4930 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))