Arrium Limited
(ASX:ARI) has plunged to a first half net loss of $447.2 million, down from a $70.7 million loss the year before.
The steelmaker’s revenue dropped from $3.55 billion to $3.32 billion.
The result was weighed down by a $474 million write down on the value of assets which occurred last week.
Minus the write down, Arrium says it posted an underlying net profit of $51 million for the half, with pre-tax earnings rising to $230 million from $196 million the year before.
Arrium says despite ongoing weakness in the global steel market it achieved significant improvement in its steel business, however expects to remain under pressure in the second half and declined to provide specific full year guidance.
Arrium will pay an interim dividend of 2 cents per share, down from 3 cents last year.
