November 17, 2017 / 7:56 AM / in a month

BUZZ-Carillion: Set to plunge at open after warning on profit, covenant

** Crisis-hit British builder’s shares expected to plunge 20 pct at open, per pre-market calls by brokers

** Sees 2017 profits “materially lower” (third profit warning this year), and says it would breach its financial covenant

** Hit by delays to certain PPP (Public–Private Partnership) disposals, lower margins across a few UK Support Services contracts and a slippage in commencement of a big project in Middle East

** Warning on Friday comes after first one in July and a second in Sept

** Shares have lost near 2/3rd of their value since the first warning in July

** CEO exited in July following first profit warning, when co booked 845 million pounds ($1.12 billion) writedown (RM: justin.varghese.thomsonreuters.com@reuters.net)

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