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.

It took impairments of $276.8 million on costs for its sweeping operational restructure, including $136.9 million in writedowns on 42 non-core businesses it has earmarked for sale or closure. It also wrote off half the carrying value - or $139.9 million - from its Australia Post Collection assets.

Revenue edged 0.4% higher to $2.29 billion, from $2.28 billion in the prior year. 

It will not pay a final dividend.