Bradken has posted a $92.6 million first half loss as the downturn in mining investment continues to weigh on the engineering group.
The company’s net loss of $92.6 million for the six months to December 31 compares to a $38 million profit a year ago.
Underlying profit, which excludes one-off restructuring costs and impairment charges was down 64 per cent to $13.8 million and the company has decided not to pay an interim dividend.
Bradken confirmed in December that it would be closing its foundry in the Adelaide suburb of Kilburn by the end of 2015, with almost 120 workers to lose their jobs.
The company said the Adelaide operation was no longer profitable nor competitive with global, international plants.
A takeover offer, which came in a day after the December announcement, fell over in January when the would-be backers ditched the deal.
In other results announced today, hearing implants maker Cochlear has more than tripled its first half profit as recent product launches continue to lift sales.
Cochlear made a net profit of $71.4 million for the six months to December 31, up from $21 million a year ago when sales suffered due to delays in regulatory approvals for new devices.
Its sales revenue of $440 million was up 17 per cent and the company said it expected “ongoing steady progress” during the second half of the year.
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Cochlear declared an interim dividend of 90 cents per share, which is down from $1.27 per share a year ago.
Slater and Gordon has reaffirmed its full year guidance after lifting its first half profit almost 47 per cent.
Slater and Gordon made a net profit of $33.7 million for the six months to December 31, up from $22.9 million a year ago.
Revenue was up almost 38 per cent to $245 million and the company reaffirmed its full year guidance for revenue of more than $500 million.
The company also lifted its interim dividend half a cent to 3.5 cents, partly franked.
