The MD previously stated that this Chile order could lead to this new client being ANG's biggest customer (prior comments from the MD) and would lead to substancial growth/profit. What happened is they obviously got the quote badly wrong and when they realised it went back to the client for variations which are obviously not justified, or the client would have approved them. I see someone else also mentioned the $8m difference could not be just this one project as they would not be far enough into the project to lose this amount of money. I would imagine there are other issues such as prior repairs/other in the number. Just poor project management on the part of the company to not see they had a problem coming up. In saying that the share price is cheap and i have no doubt will improve, i just hope the new MD puts procedures etc in place to fix this as trust in the management is not high at the moment.
ANG Price at posting:
32.0¢ Sentiment: Hold Disclosure: Held
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