AusGroup (5GJ.SG) down 1.0% at $0.48, just off 2-month low of $0.475 set in early trade, as June-quarter results disappoint, says Dow Jones.

Provider of construction services to companies involved in natural resources development hit by sharply lower margins due to strong competitive pressure, resulting in fiscal 4Q10 net loss of A$5.3 million ($6.4 million) vs A$6.9 million profit year earlier.

Fortunes may not reverse any time soon as mining companies still holding back projects in Australia amid lingering uncertainty over country’s controversial mining tax.

“A concrete turnaround in performance looks a long way off,” says OCBC Investment Research, which will cease coverage on stock. Support eyed at $0.455 (June 14 low).