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A spate of profit warnings from Australian mining services companies suggests the country's once-in-a-century resources spending boom may have peaked sooner than companies, economists and policymakers expected.
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"The extent of the slowdown and just how fast the turnaround has been is a surprise," says Savanth Sebastian, an economist at Commsec, noting the potential for more projects to be pushed back or mothballed. "It seems to have taken place in a very narrow window."
The pain that first hit mining and engineering firms late last year has intensified more than expected, judging by the slew of negative revisions to profit forecasts from such as WorleyParsons, Boart Longyear, Transfield, UGL, Fleetwood Corp and Coffey International. Reuters
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