Seven Group Holdings Ltd's WesTrac Cuts 350 Jobs; Plans To Restructure NSW And ACT operations; Sees FY 2013 Net Profit At Low End Of Prior Range Guidance-AAP

Australian Associated Press reported that WesTrac is cutting 350 jobs as part of a restructure in response to weaker demand from the resources industry. It is a division of Seven Group Holdings Ltd. WesTrac has announced plans to restructure its NSW and ACT operations because of challenging market conditions. Seven Group has also lowered its underlying net profit forecast for fiscal 2013. It now expects that result to be at the low end of its previous guidance range of 10 to 20 per cent rise from last year. The Company reported net income of $332.41 million for fiscal 2012.