Transpacific unveils 18 percent profit decline

Transpacific admits a number of options are being look at to reduce debts after an 18 percent loss is announced.

Transpacific Industries Group has admitted a number of options are being looked at to deduce its mounting debts after it announced an 18 percent drop in net profit after tax to $62.9 million before significant items.

Transpacific put the fall in profits down to higher deprecation and interest charges over the first half of the financial year.

While the organisation did not go into detail regarding the possibility of any asset sales, the first-half report confirmed the company is continuing discussions with a "number of potential cornerstone investors."

Revenue growth within the organisation, however, was on up compared with the previous corresponding period, rising 12 percent to $1.19 billion and cash from operating activities was up by 47 percent to $106 million.

Transpacific’s core solid and liquid waste businesses continued to perform strongly according to the organisation and the company will now reforecast its full-year earnings for 2009 as part of the capital review process and will make an announcement of the new predictions when the process is complete.

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