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Brierley says "watch this space" after US$162M loss

By Phil Boeyen, ShareChat Business News Editor

Thursday 7th September 2000

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Brierley Investments has announced a full year net loss of US$162 million compared with last year's US$33 million profit.

The company says the result reflects US$72 million of general provisions and write-offs which it announced at the half year, and a goodwill write-off following Air New Zealand's decision to fully provide for deferred tax of US$64 million.

Brierley's CEO, Greg Terry, says the results close the chapter on a difficult period in BIL's history.

"The results are by no means symptomatic of ongoing issues, nor do they reflect the results we expect in the financial year ending June 2001."

"Year 2001 begins a new chapter for BIL where investors can expect transparent profitability and steady growth in shareholder value. The new BIL is being built and the foundations are now in place."

Mr Terry says in the weeks and months ahead investors can expect the focus of the company's efforts to shift from dealing with past problems to taking new investment initiatives.

"The hard work which began in 1998 and has been accelerated by the management team since the beginning of this year is now beginning to bear fruit."

Mr Terry says by this time next year shareholders will see very different financial results and the market will have a very different perception of BIL and its prospects.

No dividend has been declared.

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