Mastermyne cuts executives, board pay by 12 per cent as coal sector cools Mastermyne's operations include a training facility in Mackay. PAY for executives and directors at Mastermyne has been cut by almost a tenth, in the latest sign of how mining services companies grapple with the cooling down of the resources boom. Mackay-based Mastermyne also revealed executive roles had been cut, with two key management personnel, including its chief operating officer, leaving the business. "Directors now view the company structure as being robust and tailored to meet current needs in the sector in which it operates," Mastermyne said in a statement. Attempts to obtain comment from managing director Tony Caruso, who was on leave, were unsuccessful. Mastermyne is coal-focused, with operations from underground roadways to running a mine training centre, and in May unveiled another earnings hit. Profits for 2013 could fall from previous guidance of $12 million-$13 million to $11.1 million-$11.6 million. That was despite revenues only falling from an estimated $245 million-$255 million to $245 million-$250 million, it warned. The cuts announced on Wednesday afternoon were "in response to the weakening conditions in the Australian coal sector," Mastermyne said. The moves included a 12.5 per cent reduction in remuneration. Mastermyne executives and directors earned $3.03 million in 2012, according to its latest annual report. Mr Caruso's pay was valued at $718,000 in that year. The sector has been hit by a slowdown, with Peabody Energy cutting another 400 jobs this week. JP Morgan analysts on Wednesday said, after a review of smaller listed energy, engineering and mining services operations, they preferred organisations "which are diversified across sector, commodity and geography." Companies the analysts preferred included Brisbane-based engineering services operation Cardno and mining-services specialist Ausenco. JP Morgan said both would benefit from a falling Australian dollar as most of their earnings were generated overseas. They said WA-based Fleetwood faced lower demand from the resources sector and increased competitive pressures. Mastermyne shares closed down 1c at 67.5c on Wednesday.