Shares in construction and contract mining giant CIMIC have plunged nearly 20 per cent as analysts raise concerns about the company's cash flow.
CIMIC made a net profit of $265 million in the six months to June, up three per cent on the same period a year earlier, and the company still expects to meet its full year profit guidance.
But revenue fell 27 per cent in the half year to $6.29 billion.
Analysts say the market is focusing on CIMIC's operating cash flow, which fell to $74 million from $494 million a year earlier.
Morgan Stanley analysts say the level of risk associated with CIMIC "remains skewed to the downside".
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"In particular, we highlight the disconnect between reported profit and cash flow," Morgan Stanley analysts Nicholas Robison and Vivienne Lee said in a research note.
CIMIC shares dropped $6.33, or 19 per cent, to $26.96, their lowest value in five months.
CIMIC, which was formerly known as Leighton Holdings, said in its half yearly report issued on Tuesday that its revenue trend in the second quarter was positive and is expected to continue, and cash flow generation was sound.
Revenue fell in its construction business, mining and mineral processing, and in the commercial and residential segment.
CIMIC won $6.8 billion of new contracts and extensions, bringing work in hand to $29.6 billion - up nearly two per cent on work in hand at the end of December 2015.
