Poseidon loss $5.6 million
PA Adelaide Poseidon, Ltd, the Windarra nickel and Burra copper miner, doubled its operating loss to $5,611,000 in the year to June 29. After taking into account extraordinary items, including a $4.5M write-down in the value of its investment in suspended W.A. gold mining operations, the total loss is $14,037,870. The directors issued preliminary figures for the 54 weeks to June 29, which they described as “a period of difficulties and disappointments in all aspects of the company’s affairs, with virtually no relieving factors.” The $5.6M operating loss compares with the previously announced loss of $2,817,284 for the 52 weeks of the previous year. However the directors are now applying a faster rate of depreciation to the Windarra nickel project, and had this anplied in 1974-75 the additional charge of $1,845,210 would have resulted in a comparable loss of $4,662,494 for that period.
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Press, 17 September 1976, Page 16
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147Poseidon loss $5.6 million Press, 17 September 1976, Page 16
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