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Forge Group Limited (ASX:FGE) has issued another writedown of between $23 million and $28 million on its West Angelas Power Station.

 

The update comes on the back of a revised delivery schedule which is forecast to result in additional costs.

 

The revised budget includes additional engineering, construction and site establishment costs for the delivery schedule.

 

Forge Group Managing Director David Simpson says he regrets having to inform shareholders of this additional deterioration in profit for 2014.

 

Forge Group reported a net profit of $62.9 million in the 2013 financial year.