Aurizon Holdings Limited
(ASX:AZJ) has reported a net loss of $108 million for the first half of the 2016 financial year.
This compares to a net profit of $308 million for the same time last year. The disappointing result includes $426 million of impairments with huge write downs on its West Pilbara Iron Ore project in WA.
The company will pay a first half dividend of 11.3 cents but says it will set up a dedicated transformation unit with direct CEO oversight to reform its cost base.
Aurizon says full year EBIT is expected in the range of $845 million - $885 million.
