Gunns books $903M FY loss

Company News

Gunns Limited (ASX:GNS) has extended its full year net loss to $903 million as it booked about $800 million of write downs in the 2012 financial year. 
 
The Tasmanian timber company says the result reflects costs associated with its restructure, including $749 million of impairment charges on its forestry assets and a $43.8 million reduction in the carrying value of its timber processing assets. 
 
Looking ahead Gunns expects earnings will decline in the current financial year due to the state of the current woodchip markets and domestic timber demand. 
 
Gunns has also not given any suggestion as to when it will resume trading on the Australian Securities Exchange (ASX), claiming it is not yet in a position to provide details on its proposed capital raising or restructuring. 
 
Shares in Gunns last traded at $0.16 before entering into a trading halt on March 8, 2012.