Monadelphous in trading halt

Engineering and construction firm Monadelphous has entered a trading halt as it prepares to announce a contractual claim against the company.

The company requested the suspension of shares remain in place until June 15, or until it makes an announcement about the matter.

The stock last traded at $10.69.

Monadelphous has been hit hard by the slowdown in mining, posting a 23 per cent decrease in net profit earlier this year.

In the six months to December, the mine services group said its net profit after tax came in at $60.7 million, down 23.4 per cent on an underlying basis, compared with the previous corresponding period.

Sales revenue for the period was $1,052 million, down 17.6 per cent

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