Brierley Investments Ltd. (BIL) on Thursday reported a net loss of US$162 million in the year ended June 30, slumping from a $33.1 million profit in the previous year.
The international investment company cited higher financing and restructuring costs for the downturn, and said it expected to return to profitability in the current financial year following a restructuring process and the entry of a new management team.
"These results close the chapter on a difficult period in BIL's history," said chief executive officer Greg Terry.
They are "by no means symptomatic of ongoing issues, nor do they reflect the results we expect in the financial year ending June 2001."
With its past problems put behind it, the company can now focus on taking new investment initiatives, Terry said.
"By this time next year, I am confident shareholders will see very different financial results and the market will have a very different perception of BIL and its prospects."
Investment strategy would focus on "identifying undervalued companies with sound businesses — particularly where those companies are in a position to leverage the growth opportunities offered by the information age," a company statement said.
Brierley has relocated its headquarters from New Zealand to Singapore and began trading on the Singapore stock market in March.
In April, it sold a 17 percent stake in Air New Zealand to Singapore Airlines, but continues to retain a 30 percent holding in the airline. — (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
