The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) is virtually flat in late afternoon trading, and has struggled to get above Friday's close. Falls in the large banks and resources companies are dragging the market down.
However, these 4 companies have suffered more than most…
ALS Ltd (ASX: ALQ) share price has crashed 11.1% to $3.99 after the laboratory testing company reported a statutory loss of $240.7 million attributable primarily to an impairment of the company's oil and gas investments of $314 million. ALS flagged an impairment of around $330 million before tax at the end of February 2016. Underlying earnings continue to be hit by huge falls in energy revenues and declining minerals earnings.
Blackmores Limited (ASX: BKL) saw its share price fall 3.9% to $151.90, after media reports that the vitamins and supplements producer was having trouble cracking the infant formula market – as we reported earlier. However, it's still early days for Blackmores and it may take some time before calling it a failure. The market – as ever – though, is quick to judge and has deemed it a failure.
Bellamy's Australia Ltd (ASX: BAL) share price has tumbled 4.4% to $10.99 and remains a long way from its 52-week high of $16.50. It seems investors still have concerns over the implementation of new rules regarding imported products into China and how that will impact on Bellamy's. We have previously written that we think it's positive for the company – as it allows Bellamy's to capture more of the higher margin sales – but obviously, not everyone sees it that way.
Infomedia Limited's (ASX: IFM) share price has dropped 4.5% to $0.54, perhaps as investors absorb the software developer's profit downgrade released on Thursday. As we reported, net profit is now expected to be between $10.2 and $10.5 million – down from $13.2 million, despite revenue growth of 12%. Infomedia has seen its share price more than halve from a year ago, as earnings have fallen. Because revenues have grown, that suggests that Infomedia's expenses may be spiralling out of control.
