BUZZ-Australia's Mastermyne slides to over a year low on profit drop

Reuters2025-02-26
BUZZ-Australia's Mastermyne slides to over a year low on profit drop

** Shares of Mastermyne MYE.AX fall 16.1% to A$0.13, dropping the most since mid-December, 2023

** Shares of the mining services company drop to their lowest level since February 21, 2024

** MYE's half-yearly profit from ordinary activities after tax attributable fell 91% to A$969,000 ($614,636.70), compared to A$10.9 million reported a year ago

** Profit hit is due to competitive market conditions and suspension of Grosvenor services

** 1.5 million shares change hands, vs the 30-day average of 163,178

** Stock down 6.1% this year

($1 = 1.5765 Australian dollars)

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))

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