This announcement was so poor that I thought they may some positive information to announce after this announcement.
Increasing sales but clearly have an issue with Gross margin.
The contracts are clearly poorly negotiated.
If it rains in Qld this shouldn't be a surprise and should be factored into the contracts.
If there is a large fixed cost in mobilising and demobilising drill rigs then the customer should be wearing this cost. Why is MSV paying for their customers change of circumstance?
If I wanted the ups and downs of mine I would buy a miner not a mining services company.
In my view they should negotiate "tighter" contracts and if they can not do this they should sell rigs and return the capital back to shareholders.
Ann: Quarterly Investor Update, page-9
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