Rakon more than doubles annual loss on writedowns, restructuring

Wed, 21 May 2014

By Paul McBeth May. 22 (BusinessDesk) - Rakon, whose shares have shed 86 percent of their value in the past five years, more than doubled its annual loss after writing down the value of assets and spending more on restructuring ailing businesses. The Auckland-based company made a loss of $83.8 million in the 12 months ended March 31, from a loss of $32.8 million a year earlier, making it the manufacturer's worst loss and the fourth in five years. Excluding minority interests, the loss was $79.4 million, or 41.3 cents per share, compared t...

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