Chairman Kerry McDonald. Photo / Dean Purcell
Opus International Consultants, the listed engineering firm, sank into the red in the first half after writing down the value of its Australian and Canadian businesses which have struggled on falling oil and gas prices.
The Wellington-based company posted a net loss of $23.1 million, or 16c per share, in
the six months ended June 30, from a profit of $15.9m, or 11c, a year earlier, it said.
That included a $22.6m impairment charge on goodwill and a $1.4m charge on the value of its Athabaskan Resource Co joint venture.
"Given the difficult business environments with the decline in oil and gas prices and resource prices generally, we reassessed the value of our operations and impaired the carrying value of Australian assets by A$4.2 million and Canadian assets by C$17.8 million," said chairman Kerry McDonald.
"Our New Zealand and UK businesses continue to show resilience despite subdued global trading conditions and have underpinned the group performance."
