Shareholders watching mining equipment and business company Emeco Holdings Limited's (ASX: EHL) share price this Monday must have somewhat of a sinking feeling.
Emeco's share price has fallen 7.1% to 29c per share in morning trade alone, with nothing specific on the register indicating a solid reason behind the drop.
In fact, Emeco's recently released annual report revealed a return to profitability for FY18, with a positive NPAT for the first year since FY13.
Emeco's operating EBITDA increased to $153 million in FY18 – up 83.2% on FY17 – as a result of the acquisition of Force Equipment, increased operating utilisation of the rental fleet and improvements in rental rates on new and renewed contracts.
But Emeco is not alone as a share price faller in the sector today, with the Ausdrill Limited (ASX: ASL) share price also down 3.1% to $1.46 at the time of writing while NRW Holdings Limited's (ASX: NWH) share price also dropped down 4.1% to $1.87 in morning trade.
