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Emeco Holdings Limited (ASX:EHL) has downgraded its full year guidance and says it now expects net profit to be in the range of $35 million to $36 million.

 

That’s down from its initial forecast of between $40 million and $44 million.

 

The mining services provider says the downgrade is due in part to project delays and an ongoing dispute over payments from its project in Indonesia.

 

Emeco says activity in oil sands has also been subdued in Canada, but it says conditions in Chile remain robust with full fleet utilisation and an encouraging business development pipeline.

 

Managing Director Keith Gordon says the company is managing its Australian and Indonesian business, with the expectation that challenging conditions will continue well into 2014.

 

Emeco delivered a net profit of $22.5 million in the first half of the current financial year.