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 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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