Bradken announces FY loss

Company News

Bradken Limited (ASX:BKN) has reported a full-year net loss of $241.3 million, a sharp decline from the $21.5 million profit it recorded last financial year. 
The mining services company has been hit hard by the tumbling price of commodities and the subsequent slow down in the mining sector.
In the same period revenue fell 14.9 per cent to $968 million, from $1.138bn a year earlier. 
Bradken says restructuring was largely completed with the creation of a new division from four existing businesses, closure of manufacturing facilities and write-down of assets.
The company has not declared a dividend to ensure maximum flexibility is maintained at the bottom of the current market cycle.