InvestSMART

Transfield swings to FY loss

Engineering firm weighed down by impairment charges, expects net profit of between $65m-$70m in fiscal 2014.
By · 28 Aug 2013
By ·
28 Aug 2013
comments Comments

Transfield Services (TSE) expects the cost reductions it commenced in fiscal 2013 to contribute to a net profit of between $65 million and $70 million in the year ahead, after swinging to a steep loss on the full-year on impairment charges.

In the year to June 30, Transfield posted a loss of $249.9 million, a 395% on the $84.8 million profit recorded in 2012.

The group said the result was weighed by impairment charges of $295.5 million post-tax and non-controlling interests.

Full-year underlying net profit came in at $62.5 million, at the lower end of its forecast for between $62 million and $65 million.

In the same period revenue was $3.45 billion, a 10% increase on the $3.14 billion recorded in the previous year.

The group declined to pay a final dividend, after paying an unfranked interim dividend of three cents.

Google News
Follow us on Google News
Go to Google News, then click "Follow" button to add us.
Share this article and show your support
Free Membership
Free Membership
Staff Reporter
Staff Reporter
Keep on reading more articles from Staff Reporter. See more articles
Join the conversation
Join the conversation...
There are comments posted so far. Join the conversation, please login or Sign up.