Service Stream plunges to all-time lows after joint venture dropped
SYDNEY Aug 6 (Reuters) - Shares in Service Stream fell as much as 25 percent to all-time lows of A$0.10 on Tuesday after its joint venture dropped contracts to build Australia's national broadband network (NBN) in two states.
Syntheo, a 50-50 joint venture between Service Stream and Lend Lease, will complete construction already in progress in Western Australia and South Australia states but will not extend its contract with the NBN Co in building its fibre network.
Service Stream estimated it will incur an overall material loss from the Syntheo joint venture for the 2013 financial year (June-July) of A$20 million ($17.81 million).
Service Stream was trading 21.4 percent lower at A$0.11 at 0047 GMT. ($1 = 1.1229 Australian dollars) (Reporting by Thuy Ong; Editing by)
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