Transpacific posts deep FY loss

Group swings to FY loss on $276m in impairments on businesses set for sale or closure, Australia Post Collection assets.

Transpacific Industries Group (TPI) will continue its cost cutting drive and look to close or offload under-performing divisions, after swinging deep into the red for the full-year on $276 million in impairments. 

The group posted a full-year net loss of $218.7 million, from a $12.5 million profit in the previous year.

In June the company had set guidance for net profit after tax attributable to shareholders of between $46 million and $53 million.

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