Chart Update, page-3138

Hello Ronsim

Negative turn?
Noooooo …… This time we surely have wings to fly beyond $3! ???

….And to technically soar all the way up to the $3.60 plus level (so says @Saragian ! [who knows])

Especially with even more troubles amongst others in the sector making waves today… ( this has to be good for the reputation of an all-Australian, run by the long term boss business that already has a quality reputation?)

The troubled company?
UK-0wned Austral Construction which has a large swag of WA projects; https://australconstruction.com.au/projects/

Spoiler : Read about Austral fraud case

https://www.theaustralian.com.au/bu...d/news-story/e2d60939aa2ff8ccd002f6b864b7690a
Fraud rocks WA mining contractor Austral, staff sacked


A large fraud has been uncovered at Austral, an Australian mining contractor owned by the UK-listed Keller Group.

• By PERRY WILLIAMS
  SENIOR BUSINESS WRITER
  @perrybwilliams ‏
• 3:08PM JANUARY 10, 2023

A major fraud has been uncovered at WA-focused mining contractor Austral with two workers sacked following a “deliberate and sophisticated” financial reporting scandal.

The UK-listed Keller Group uncovered the fraud at its Australian Austral business which operates as a civil, mining and marine contractor and works on some of Western Australia‘s largest resources projects.

Keller said following an internal management operational review two employees had been sacked and an internal investigation was underway while an external adviser would be appointed to undertake an official probe.

Profits for Austral were likely over-stated by £16m ($28.2m) between the start of 2019 and 2022.

“Whilst the fraud continued in the second half of 2022, and has impacted the board‘s expectations for the 2022 full year results, the group’s overall performance in the second half has been strong, and therefore the board now expects the group to report a full year operating profit slightly below the bottom end of the range of market expectations,” Keller said.

Keller - which describes itself as a international ground engineering specialist - bought Austral in 2015 for $42m and a deferred payment of up to $20m.
Austral, based in Melbourne, provides piling and civil construction services in the infrastructure and mining sectors and has a long list of major WA clients.

The company’s managing director is Aaron Turner and its customers including Rio Tinto’s Pilbara iron ore mines and BHP’s WA iron ore operations.

Featured projects on the company’s website include Fortescue Metals Group’s tug infrastructure in WA’s Port Hedland and earthworks for Rio, connecting the Tom Price rail line to its new Gudai Darri iron ore mine.
Keller shares dived by 12 per cent on Monday following disclosure of the fraud with Austral contributing about 3 per cent of the company’s group revenue.
The company employs 9000 staff globally and posted underlying profit of £49m in the first half of 2022 on revenue of £1.33bn.

cheers