Solid Energy posts small first-half loss of $40.9 mln, yet to draw on Crown funding

Fri, 28 Feb 2014

By Paul McBeth Feb 28 (BusinessDesk) - Solid Energy, the financially distressed state-owned coal miner, reported a smaller first-half loss is it focuses on containing costs in the face of weak global coal prices, but has yet to draw down on Crown funding put in place to keep the company afloat. The Christchurch-based SOE made a net loss of $40.9 million in the six months ended Dec 31, down from a loss of $318.2 million when it wore impairment charges of some $222.7 million, it said in a statement. Underlying earnings, a measure that strips o...

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