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AusGroup swings into full-year loss of A$193 mil

Zavier Ong
Zavier Ong8/29/2016 07:01 PM GMT+08  • 2 min read
AusGroup swings into full-year loss of A$193 mil
SINGAPORE (Aug 29): AusGroup, the provider of integrated service solutions to the energy, industrial and mining sectors across Australia and South East Asia, posted a loss of A$193.2 million ($198.8 million) for FY16. This compares to a profit of A$6.2 mi
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SINGAPORE (Aug 29): AusGroup, the provider of integrated service solutions to the energy, industrial and mining sectors across Australia and South East Asia, posted a loss of A$193.2 million ($198.8 million) for FY16. This compares to a profit of A$6.2 million a year ago.

Earnings were hit by a goodwill impairment charge of A$2.5 million, onerous lease costs of A$8.2 million in relation to its Singapore fabrication business and an impairment charge of A$14.2 million booked to other assets in both its fabrication businesses in Australia and Singapore.

In the Port & Marine business unit, the group also booked an impairment charge of A$72.3 million impairment against PPE (Property, Plant and Equipment) and Intangibles assets, as well as impairment to receivables of A$48.1 million.

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