Storms on Australia’s east coast have caused mobile crane provider Boom Logistics Ltd. to revise downward its full-year profit expectations by 11 percent. The company now expects profits of AU $36 million to AU $37 million (between U.S. (between U.S. $31.6 million and $32.5 million), down from AU $41 million forecast earlier.
Boom Logistics, which focuses on crane rentals, has been affected by heavy rains, high winds and flooding on Australia’s east coast, affecting shipments of equipment to other parts of the country. Many of Boom Logistics’ customers in the mining sector have had to defer maintenance to catch up on lost production caused by storms.
Boom Logistics CEO Mark Lawrence said the company was still optimistic about the strength of the business and basic customer demand. The company recently acquired access equipment supplier Moorland Hire, and crane rental company D&D Crane Hire.