The company also wrote down the value of its international business by $120 million. Mr Boeghetti said the accounting adjustments were non-cash and did not affect the fundamentals of Virgins underlying business. We are confident in the performance of the Groups underlying business and that long-term benefits from our growth plans will be delivered, he…
Virgin Australia has reported its sixth consecutive full-year loss, falling deeper into the red with a $653 million after-tax loss in 2018 compared to a $185 million loss a year ago. On an underlying level, which strips out the impact of Virgin’s three-year business restructuring and turnaround plan, the airline reported a $109 million profit, up from…
Fuels supplier Caltex Australia has revealed a restructuring of its property assets with the potential to unlock $1.5 billion of proceeds but the long-term nature of the strategy has underwhelmed some investors hoping for a “big bang” move that would provide more immediate returns. Caltex shares sank 7.9 per cent on news of the plans,…
Synopsis L3 Technologies Inc. (NYSE:LLL) operates in three business units: Intelligence, Surveillance & Reconnaissance, or “ISR” (a combination of aerospace and sensor systems), Electronic Systems and Communication Systems. The company used to operate four business units, with Aerospace and Sensor Systems being separate business units. The share price is up modestly year to date with…
* Special meeting of shareholders to decide firms future * Noble seeks to hand over 70 pct equity to its creditors * Nobles value plunges to $143 mln from $6 bln in 2015 * Restructured company faces big task to cut losses, debt (Adds details in paragraphs 9, 12, adds link to graphic) By Anshuman…
SINGAPORE (Reuters) – Noble Group Ltd (NOBG.SI) faces a key shareholder meeting on Monday as the shrivelled commodity trader races to clinch a last-ditch $3.5 billion debt restructuring deal to stay afloat and put a three-year crisis behind it. FILE PHOTO: The company logo of Noble Group is displayed at its office in Hong Kong,…
SINGAPORE (Reuters) – Noble Group Ltd (NOBG.SI) faces a key shareholder meeting on Monday as the shrivelled commodity trader races to clinch a last-ditch $3.5 billion debt restructuring deal to stay afloat and put a three-year crisis behind it. FILE PHOTO: The company logo of Noble Group is displayed at its office in Hong Kong,…
David Lenz, Hills Limited Distributor Hills Limited has returned to profit following a period of restructuring and business changes. The company reported net profit after tax of $400,000 for the year ending 30 June 2018, which it referred to as a significant turnaround from the prior years loss of $7.9 million. Hills revenue was…
Directors who have dissolved companies to avoid paying workers or pensions could be disqualified or fined by authorities for the first time. The move is part of a government initiative to safeguard workers, pensions and small suppliers when a company goes bust. The Observer reported in January that the government was preparing to crack down…
Reuters/Singapore Singapore-listed Noble Group Ltd faces a make-or-break shareholders meeting tomorrow as investors vote on a $3.5bn debt restructuring plan that its creditors and board say is vital to prevent insolvency.The company, once a global commodity trader with ambitions to rival Glencore or Vitol, has shrunk to an Asian-centric business focused on coal and freight…