Solid Energy declares $335 mln loss after asset writedowns, restructure costs

Fri, 04 Oct 2013

By Pattrick Smellie Oct. 4 (BusinessDesk) – Financially distressed state-owned coal miner Solid Energy has declared a $335 million loss for the year to June 30, reflecting writedowns in the value of its assets of $215.3 million and restructuring costs of $102.2 million. The company published the result without fanfare on its website today. It is likely to mark the low point in its fortunes after declaring a $40.2 million loss last year, which precipitated a clean-out of the Solid Energy board and the departure of its then chief executive, Don...

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