Woosh writes down assets by $5.9m in sale

Woosh Wireless, a local wireless internet service provider, wrote down the value of its assets by $5.9 million in its sale to Californian company Craig Wireless.

The Auckland-based company was sold to Craig for US$5.5 million last year in a deal that was structured to satisfy $20.6 million of debt owed to then-investor Kuwait Finance House.

Woosh's financial statements show a loss of $2.9 million in the year ended June 30 last year which the company blames on one-off items including the impairment it wore on the sale to Craig, a $2.6 million insurance bill for earthquake damage to its Christchurch network and a $1.8 million foreign exchange gain.

Woosh made an operating loss of $477,000 in the latest year.

- BusinessDesk

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on red akl_n4 at 02 Aug 2014 21:32:57 Processing Time: 1199ms