Wormaid Aust, loss $348M
NZPA-AAP Sydney Wormaid International, of Australia, has revealed the full extent of its troubles with a massive net loss, after extraordinary items, of sAust34B.4 million ($NZ452.5M) in the year to June 30. The group’s trading results slumped to a SNZ93.9M loss, compared with a SNZ39M profit the previous year. Sales revenue gained 8 per cent to SNZI.4B. Chief executive, Mr Graham Slee, said the trading result was in line with company expectations, although analysts had forecast losses of up to SNZ67.SM. Mr Slee declined to comment on the future of Wormaid because of the takeover by Chase Corporation. The group has already made steps to put it on the
road to financial recovery with the sale of its security business to Racal Electronics, Pic, of the United Kingdom, for SNZI6B.BM and other
sales of non-core assets over the year. The loss included abnormal losses of SNZ63.7M.
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Press, 15 September 1988, Page 36
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150Wormaid Aust, loss $348M Press, 15 September 1988, Page 36
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