AusGroup posted an A$69.43 million ($68.9 million) 2Q net loss, compared with earnings of A$920,000 a year earlier. It also announced the resignation of its managing director, Gerard Hutchinson.
Revenue, however, rose 5.6% to A$126.15 million.
Cost of sales rose 24.7% to A$132.57 million, while impairment of receivables was A$44.62 million versus zero in the year-ago period.
The oil and gas and mining engineering company says the difficulties faced by its fabrication and manufacturing business unit, as well as the port & marine business, have put more pressure on the group's cash reserves.
The stock closed 1% higher at 10.5 cents.
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Revenue, however, rose 5.6% to A$126.15 million.
Cost of sales rose 24.7% to A$132.57 million, while impairment of receivables was A$44.62 million versus zero in the year-ago period.
The oil and gas and mining engineering company says the difficulties faced by its fabrication and manufacturing business unit, as well as the port & marine business, have put more pressure on the group's cash reserves.
The stock closed 1% higher at 10.5 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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