McConnell Dowell posts $20.6M loss on underperforming irrigation, Kawarau Falls contracts

Mon, 04 Dec 2017

By Jonathan Underhill Dec. 4 (BusinessDesk) - McConnell Dowell Constructors has posted a full-year loss in the face of lower sales and "material losses" at its North Otago Irrigation Co (NOIC) and Kawarau Falls Bridge contracts. The loss was $20.6 million in the 12 months ended June 30 from a profit of $4.4 million a year earlier, the company's annual report shows. Sales fell 9.9 percent to $251 million. Most of the deficit came from "material losses" at the two projects, according to a going concern note to its accounts that also high...

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