Writedowns push Solid Energy to $40 million loss

Thu, 30 Aug 2012

By Pattrick Smellie Aug 31 (BusinessDesk) - Writedowns on the value of its underground coal mines, renewable energy projects and experimental underground coal seam gas plant have pushed Solid Energy to a $40.2 million loss, although underlying earnings after tax were 16 percent higher than the previous year. The $99.2 million underlying earnings figure excludes $151.7 million of writedowns and was described by outgoing chairman John Palmer as "good in a deteriorating market." The company is using the writedowns, based on slumping global coal...

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