Transpacific profits nosedive

Queensland waste transport company Transpacific Industry Group announces $237.4 million loss for last financial year

By Michael House | November 4, 2009

Queensland waste transport operator Transpacific Industry Group (TPI) has announced A $237.4 million loss for the last financial year.

The slump is blamed on the economic downturn which the company says affected its customer base and decreased waste collection and landfill volumes particularly in the construction and demolition market.

The result follows a challenging year for Australia’s biggest waste transport company which included a lengthy recapitalisation process completed in August.

TPI’s revenue, however, grew by one percent to $2.21 million last year.

In a statement, the operator says it has no "current" plans for any asset sales or further capital raisings.

"Following the recapitalisation, we are comfortable with the balance sheet- [the] majority of debt expires in four and five years with no debt maturing before 2012," the statement says.

TPI says it will now focus on growth and cashflow as well as continuing to reduce existing debts.

"FY09 has been a challenging year, the company has responded well and is well placed to take advantage of future opportunities," TPI says.

The company also says steps have been taken to cut costs across its various businesses but did not elaborate on what these may be.

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