Reuters: Global Markets: Macmahon shares slump 36 percent after profit warning

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Macmahon shares slump 36 percent after profit warning Sep 19th 2012, 00:13 SYDNEY | Tue Sep 18, 2012 8:13pm EDT SYDNEY (Reuters) - Shares in Australian construction firm Macmahon Holdings Ltd (MAH.AX) dropped as much as 36 percent on Wednesday after the company warned its profit would fall as much as 64 percent this year. Macmahon, 19 percent owned by rival Leighton Holdings (LEI.AX), also said its chief executive quit as the company was slammed by cutbacks in the mining sector just a month after reporting a record profit. Macmahon shares were trading 34.9 percent lower at A$0.35 at 1207 GMT.

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