This really doesn't come as a surprise to me at all. Their...

This really doesn't come as a surprise to me at all. Their incompetence has been on display for quite some time now for those willing to look beneath the layers.

The Hastings contract was worth $27M. To lose $6.5M (or 24%) on this project is a massive concern for a number of reasons:
1. Obviously it was not forecast in the HY report and has only been realised recently. This is a major worry.
2. They have underbid it (refer to my concerns on another post re their recent $14M contract award)
3. They aren't being transparent with the reason behind the loss. You simply do not lose $6.5 on IR matters....$0.5M maybe but not $6.5M. IMO the reference to "operational issues" means they have had all sorts of problems in the execution and failed in delivery.

They have two CEO's, and Exec GM, Operational Managers.

How did they allow an underbid tender to be submitted in the first place?
How has their governance of this project failed?
Why didn't they know about the loss it back in the HY ?

If I was a shareholder I'd really be hoping Cut to Fill don't win a $100M.