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Transfield Services Limited (ASX:TSE) chief executive Graeme Hunt says the high Australian dollar has taken its toll during the past six weeks as resource projects escalated cost cutting, according to media reports.
Mining engineer Graeme Hunt told media the cuts reached a crescendo in the past six weeks, hurting companies such as Transfield.
Mr Hunt says anything that is discretionary in the mining industry has been turned off or closed down.
The comments come after Transfield cut its 2013 net profits guidance by one-third, while also announcing the loss of 113 additional jobs.
Transfield wasn’t the only firm to issue a profit warning, with contractors UGL Limited (ASX:UGL) and Worleyparsons Limited (ASX:WOR) issuing profit warnings in the past week.
Transfield delivered a net loss of $247 million in the first half of fiscal 2013.
