Australian mining services group Bradken has reported a full year loss of $241.3 million and will not pay a dividend to shareholders.
AAP reports that the result was caused by a major restructure of the company as well as asset write-downs and the broader downturn in the resources sector.
As the Business Spectator reports, the result contrasted with the previous year’s profit of $21.5m. Revenue for the year to June 30 also fell sharply, to $968.36m, from $1.138bn (or 14.9 per cent) in the previous 12 months.
According to Bradken Managing director Brian Hodges, the restructure is almost complete. He said this will help the group’s outlook.
“The foundry in India will contribute to further cost reductions in F17 and will recover any lost capacity as a result of the prior plant closures," he said.
“The company’s short-term strategy is to focus on growing high margin revenue through market share for consumable products and product development in preparation for an eventual uplift in global mining demand.”