Boom shifts to a loss
13 February 2015
Australian crane rental company Boom Logistics posted a loss for the latest half year ended 31 December 2014 after showing a profit in the equivalent period a year earlier.
The net loss after tax for the half year ended 31 December 2014 was AU$ 3.4 million (US$ 2.6 million) compared with AU$ 4.9 million (US$ 3.8 million) net profit for the same period a year earlier. Earnings before interest and taxes (EBIT) was a loss of AU$ 1.4 million (US$ 1.1 million), against an AU$ 11.7 million (US$ 9 million) profit in the same period a year before.
For the period, however, Boom reported highlights as follows: positive free cash flow of AU$ 13.8 million (US$ 10.6 million); surplus asset sales of AU$ 9.3 million (US$ 7.2 million) in the six months to 31 December 2014, against a full year target of AU$ 15 million (US$ 11.6 million); net debt reduced to AU$ 76.1 million (US$ 58.6 million) from AU$ 89.5 million (US$ 68.9 million) at 30 June 2014; and gearing was reduced from 38 % to 33 %.
