1523 [Dow Jones] Multiplex (MXG.AU) down 7.8% at A$3.18 after hitting 11-week
low of A$3.04. Dealer says profit warning stemming from U.K.'s Wembley stadium
blowout much worse than expected. Multiplex said its FY06 profit may be down
about A$165 million, which implies about 70% fall from previous forecast of
A$215 million. "Based on the advice they keep giving to the market, they flagged
they were in trouble, but I don't think anyone would have expected it to be
anywhere near this," says dealer. "I think it's going to surprise and disappoint
the market. It just shows these guys have not got a handle on what they're
doing." (DWR)
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70% writedown. Some 'investors' like this news and buy MXG. I hope they are not gambling with any of my superfund money.
MXG
multiplex group
