PaperlinX Ltd
(ASX:PPX) has reported a loss of $225 million for the 12 months to 30 June, closing the gap from the $798 million annual net loss posted last year.
The company says the result reflects its exit from manufacturing, restructuring costs and decreased volumes across key markets.
Revenue for the year fell 26.5 per cent to $5.2 billion for the period.
CEO Tom Park says the past year has been the most difficult for PaperlinX, but while the results are disappointing it has also been a transformational year.
Mr Park says that with the distractions of the refinancing, the closure of Tasmanian operations and various restructurings behind PaperlinX, the company plans to focus on its underlying business.
In line with last year, no final dividend has been declared.
PaperlinX reported a loss of $798 million for the year to 30 June 2009.
