Materials News: Gunns 1H FY12 Net Loss Of $173.3 million


Materials News: Gunns 1H FY12 Net Loss Of $173.3 million

Materials News: Gunns 1H FY12 Net Loss Of $173.3 million

Gunns Limited activities include forest management and development, milling, processing, merchandising and the exportation of wood products.

The Company also merchandises hardware and building supplies, manages forestry based and vineyard based managed investment schemes, produces wine and construction services.

Gunns revealed a 1H FY12 net loss of $173.3 million, a larger loss than the $4.65 million in the previous corresponding period.

The loss included a $39.6 million writedown in forest assets and a $59.4 million provision against managed scheme assets.

Managing Director Greg L’Estrane said the high Australian dollar was hurting the competiveness of Gunns’ products in the Asian market.

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