RMG records half-year loss

The figure includes the full six months of the former Frontier Petroleum's activities and the accumulated trading of the vendor companies acquired by Frontier effective from the start of April.

RMG says the loss reflects the transition from private to public company accounting standards with provisions and costs associated with the acquisitions of 16 businesses included in the result.

RMG chief executive, Paul Cooney, says the integration of the initial 16 companies in the group is proceeding according to plan, and since the half year balance date the company has been active in settling a number of additional acquisitions which are all earnings positive.

The company says the Australian Securities and Investments Commission has indicated that an application to change RMG's balance date from December to June is unlikely to be accepted, but further discussions are pending.

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