Forge Group’s Managing Director & CEO, David Simpson commented:...

Forge Group’s Managing Director & CEO, David Simpson commented: “I regret having to inform shareholders of this extremely disappointing outcome. Several commercial, scope estimate and planning deficiencies have recently been identified on the DPS and WAPS projects which contributed to the substantial erosion in profit.”
The profit writedown on DPS resulted from a range of factors including inadequate allowance for scope growth, large cost overruns in structural, mechanical, piping and electrical works, poor project management and delays in settling a number of claims, as well as the significant acceleration costs allocated in getting the project back on schedule.
The profit writedown on WAPS resulted from inadequate allowance for scope growth, significant rework due to design problems, poor project management and a large number of extension of time claims that have not yet been settled.

Gotta make you wonder if the right hand knew what the left hand was doing.