Shares in Opus International Consulting sank nearly 10 percent yesterday after the company said a large project will clip $5.5 million off its annual trading profit.
The former Ministry of Works engineering consultancy says its margins in New Zealand were impacted by a loss on the project as well as bidding costs of nearly $2 million.
Opus reported a 6 percent rise in first-half profit to nearly $10 million.
Despite these project losses, the chief executive, David Prentice, says the impact on net profit may be more than offset by favourable accounting adjustments to asset values.
