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.