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Shares in Ausenco Limited (ASX:AAX)had lost almost a third of their value in morning trade after issuing a profit warning.
The engineering group has blamed soft market conditions and contract specific issues for an expected drop on its profits.
Based on lower first half performance and in anticipation of lower business activity levels for the rest of the year, Ausenco expects full year results will fall below current market consensus levels of revenues between $564 and $661 million and reported net profit of between $29 million to $41 million.
The company is currently completing a review of its business performance this year and expects to flag its full year performance expectations late next month.
Ausenco says it has initiated a number of overhead cost saving programs and is right sizing all areas of its business to tackle the current market conditions.
Ausenco posted a net profit of $41.4 million in the 2012 financial year.
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