Waste management firm Transpacific Industries has swung to a loss amid a dour outlook for the year ahead.
The recycling, waste management and industrial services company reported a statutory loss of $15.4 million in the 12 months to June 30, compared to last year's $28.9m profit.
Revenue was down 2.6 per cent to $1.385 billion.
Transpacific chief executive Vik Bansal said its largest brand, Cleanaway, would be a bright spot in a similar year ahead.
“While we anticipate no improvement in market conditions over the coming year, we do expect that both the Cleanaway and Industrial businesses will report increased earnings in FY16," he said.
The statutory loss was affected by $69.3m in underlying adjustments after tax, including an impairment on the hydrocarbon business, costs associated with a fleet grounding last August and an additional gain on the sale of the New Zealand business, the company said.
Transpacific declared a final dividend of 0.8 cents, fully franked, for a total dividend of 1.5c. The dividend will paid on October 9 to shareholders on the register at September 18. The company paid no dividend in 2013-14.
The company also said it had reinstated the dividend reinvestment plan.
TPI Price at posting:
65.5¢ Sentiment: None Disclosure: Not Held
