Forge Group sees shares leap
After being re-instated to the ASX following a trading halt / voluntary suspension Forge Group's (ASX: FGE) shares have leaped by 12.7% half-way through today's trading session, on volume of over 23 million shares.
This followed from yesterday's trend when immense 93 million shares changing hands.
Yesterday A trading update was released which mentioned:
- $127 million profit write down in FY2014 associated with Diamantina Power Station and West Angelas Power Station projects;
- $45 million net cash outlay required to complete both projects; and
- Net cash outflows expected in November and December 2013, resulting in a challenging liquidity position in early December 2013.
On Thursday morning, Australian construction company Forge Group Ltd (FGE.AX) fell 92 percent, as it came out of a three-week trading halt with an A$127 million ($115.39 million) profit write down for the 2014 fiscal year and a financing deal.
Forge, which offer engineering and construction services to the resource, oil and gas sectors, said it was expecting a loss in the range of A$65 million to $90 million for the 2014 fiscal year. It also said it secured further financing from lender Australia and New Zealand Banking Group (ANZ.AX).
Forge Group services have energy and utilities sector clients include BHP Billiton, Rio Tinto, Peabody Energy, Arcelor Mittal, Chevron, MCC and AngloGold Ashanti.
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