OVER $10 BILLION
News Corp: write down on Gemstar, European pay-TV and the value of US sports rights sent Rupert's company to a record $12 billion bottom line loss for the year to June 30, 2002.
$5 BILLION TO $10 BILLION
AMP: the $5.54 billion loss in calendar 2003 was the final clearing of the decks from the disastrous move into the UK over the previous 25 years.
News Corp: reported a $US3.4 billion bottom line loss in 2008-09 courtesy of write-downs on investments such as Dow Jones.
$2 BILLION TO $5 BILLION
Centro Properties Group: shopping centre owner and operator announced a full-year loss of $3.54 billion for 2008-09 as it slashed the value of its properties, especially in the US where it paid top dollar a couple of years earlier.
Centro Retail Group Ltd: the listed subsidiary of Centro Properties Group announced a $2.68 billion full-year loss for 2008-09 courtesy of property write-downs and hedging losses.
Fortescue Metals: revealed a $2.52 billion loss for 2008-09 after all that ramping up of production at its Pilbara operations.
BHP: When Paul Anderson and finance director Chip Goodyear took charge in the late 1990s they cleared the decks and declared a then Australian record $2.3 billion loss for BHP in 1998-99 with write-offs across the board but especially in the Magma Copper division.
Westfield: $2.9 billion loss for the 2009 calendar year, courtesy of $3.3 billion in write-downs and $1.3 billion in derivative losses as the GFC even hit the world's best shopping centre developer and manager.
Centro Properties Group: shopping centre owner and operator announced a full-year loss of $2.05 billion for 2007-08 as it slashed the value of its properties.
BETWEEN $1 BILLION and $2 BILLION
Stockland: announced a full year net loss of $1.8 billion for 2008-09 thanks to $2.4 billion in writedowns on investment properties and equity plays in rivals such as ING Office and GPT.
Allco Finance Group: huge write-downs led to a bottom line loss of $1.73 billion in 2007-08 as the company went broke.
Macquarie Infrastructure Group: announced a $1.71 billion loss for 2008-09 after belatedly writing down the value of its over-geared toll road investments, mainly in the US.
Rivercity Motorway: traffic projections for this Brisbane tollway project fell well short of expectations so a $1.56 billion write-down was booked, delivering a $1.65 billion loss for 2009-10.
Westpac: plunged to what was then a record loss of $1.6 billion in the year to September 30, 1992, forcing a $1 billion rights issue as the bank almost went broke due to massive bad debts, especially in the Queensland and Melbourne property markets.
Adsteam: the group of companies put together by John Spalvins together wracked up losses of $1.58 billion in the year to June 30, 1991 as all the cross shareholdings in different companies plummeted under a pile of debt and the recession.
Valad Property Group: heavy write-downs after a foolish UK expansion program delivered a bone-crunching $1.49 billion loss for 2008-09 after the half year figure had come it at $821 million.
Eircom Holdings: the old Babcock & Brown Capital took an axe to its goodwill line and managed to come up with a net loss of $1.48 billion in 2008-09 which took it to a rather farcical position of having negative net assets of $660 million.
BHP: directors bit the bullet and wrote off $3 billion in the 1997-98 year which caused a then record $1.47 billion loss before they sacked CEO John Prescott.
Dexus Ltd: the property company announced a full-year loss of $1.46 billion for 2008-09, compared with a profit of $428 million in 2007-08. The property portfolio was devalued by $1.6 billion.
Babcock & Brown Capital: announced a loss of $1.427 billion for the December 2008 which reduced claimed net assets of $1.28 billion down to negative equity of $541 million, even though it is capitalised at $200 million.
Air New Zealand: The collapse Ansett sent it to a net loss for the 2001-02 financial year of $NZ1.4 billion.
Macquarie Countrywide Trust: the shopping mall owner announced an annual net loss of $1.4 billion in 2008-09, largely due to write-downs on its over-geared US portfolio, much of which has now been sold.
Macquarie Office: heavy write-downs of its large global office portfolio sent the bottom line down to an embarrassing $1.37 billion loss in 2008-09 compared with a claimed net profit of $208 million in 2007-08.
Crown: write-downs on its US, Canadian and UK assets delivered a loss of $1.2 billion for 2008-09, compared with a $3.5 billion profit in the previous financial year when it was demerged from the Packer family's media assets.
ING Industrial Fund: reported a $1.17 billion loss for 2008-09 after heavy write-downs. They have probably still got more to go because claimed net assets were only cut from $2.09 to 96c a unit, still well above the current market price.
Goodman Group: heavy property write-downs on its global industrial portfolio delivered a $1.1 billion loss for 2008-09 as it unveiled a massive capital raising to fix the over-leveraged balance sheet.
Mirvac Group: the property group posted a $1.08 billion loss for 2008-09, which was driven by $487 million in property revaluations.
GPT Group: the property group announced a $1.07 billion loss for 2009. This result is far better than last year's $3.25 billion loss, representing a 67% improvement. Revenue was also up around 51% compared to the same time last year.
Bluescope Steel: huge losses on its steel export business courtesy of the high Australian dollar and surging input prices led to a
$1.054 billion loss for 2010-11.
$500 MILLION TO $1 BILLION
Bond Corporation: Alan Bond's company announced a then record loss of $980 million in 1989-90.
Babcock & Brown Infrastructure Group: announced a $977 million full-year loss for 2008-09 but it arguably should have been much greater given the group still claims it is worth more than $1 billion.
Prime Infrastructure Trust: a massive loss on the sale of some businesses delivered a net loss of $948m for the old Babcock & Brown Infrastructure in 2009-10.
AMP: write-offs in the UK business produced a bottom line loss of $896 million in calendar 2002.
Australian Magnesium Corp: Peter Beattie's creation managed an $813 million loss for 2002-03 after it failed to finish its Queensland project when the banks and Leighton walked away.
Centro Retail: declared a full year loss of more than $800 million in 2007-08 after sweeping shopping centre write-downs.
Brierley Investments: a savage $1 billion in write-offs sent the once feared corporate raider to a record $800 million bottom line loss for the year to June 30, 1998.
Southcorp: net loss of $922 million for 2002-03, blamed on difficult trading conditions in the UK and Australia and a lower contribution from super premium wines because of the smaller 2000 vintage. Write-offs after the excessive $1.5 billion Rosemount acquisition were the biggest single factor.
Anaconda: the controversial nickel company plunged to a bottom line loss of $920 million in 2001-02 which included a $297 write down on its Murrin Murrin nickel operation. Hasn't it all turned around nicely now.
Elders Resources: the resources and forest products group formerly controlled by Elders IXL and run by Geoff Lord managed a stupendous bottom line loss of $880 million in 1989-90 thanks to huge asset write-downs.
Paperlinx: should have declared a 10-figure loss but only managed to come up with a bottom line figure of a $798 million loss. The write-downs were certainly on the light side and is now claiming to have net assets worth $1.27 billion. That looks over-optimistic when compared with the market capitalisation of below $500 million.
Asciano: reported a disappointing $1.1 billion impairment in 2009-10 related to its ports business after the new directors forced this on management through the audit committee. This lead to a $788 million net loss.
Centaur Mining & Exploration: Joe Gutnick's flagship collapsed in March 2001 and two years later the administator announced a shortfall of $784 million.
ING Office Fund: the real estate group announced a net loss of $764 million for 2008-09 after property write-down and losses on hedging. This represented a turnaround of more than a $1 billion from a $246 million profit for 2007-08.
News Corp: The collapse of One.Tel helped drive News Corp $746 million into the red during the last 2000-01 financial year after almost $2 billion in write-offs.
Hutchison Telecommuncations Australia: the 3G roll out and competition with Telstra is still proving enormously expensive with a $739.4 million loss reported in calendar 2006.
Stockland: 12 months ago Stockland reported earnings of $325 million for the December half. After just over $1 billion in write-downs and impairment charges in 2009, it reported a $726 million loss. Operating profit was down to $287 million, and when the write-down is considered, the loss is $726 million.
Lend Lease: announced a $715 million loss for 2002-03 after $945 million worth of writedowns in value of its US, Asian and European real estate businesses.
Pasminco: this was after the administrators were appointed but will still count as a $715.7 million loss for the 2001-01 financial year, largely due to hedging exposures.
Toll Holdings: the $1.3 billion book loss triggered by the distribution of its 62.7% stake in Virgin Blue to its shareholders was the main contributor to this $695 million net loss for 2007-08.
Austar: the pay-TV industry was a nightmare for the first 10 years and the regional player took huge asset writedowns to come up with a $682 million bottom line loss for the 2001 calendar year.
Lend Lease: a raft of write-downs sent the property giant plunging to a net loss of $653 million in 2008-09 compared with a profit of $254 million in 2007-08.
Centro Properties: reported an annual $652.7m net loss for 2009-10 which at least was better than the $3.54bn loss in the previous year thanks to significantly lower property devaluations.
Tishman Speyer Office Fund: the half year loss of $223 million was bad enough but further write-downs sent the US property fund tumbling to a $621 million loss for 2008-09.
Macquarie DDR: a $220 million loss for the December half blew out to $616 million for the full 2008-09 financial year after further write-downs of its regional shopping centres in the US.
ANZ: when Don Mercer replaced Will Bailey as CEO in 1992 he cleared the decks and reported a $600 million loss due to a huge surge in bad debts caused by Paul Keating's recession we had to have.
Paladin Energy: big write downs led the uranium miner to a $585 million net loss for 2008-09.
Alinta Energy: reported a $577m loss for 2009-10 after a $670 million charge which largely related to its WA business courtesy of increased gas purchase costs.
James Hardie: a big charge for asbestos liabilities delivered a net loss of $570 million in the 12 months to March 30, 2007.
Goodman Group: the industrial property giant came back from the brink with a monster capital raising but still delivered a $562.6 million net loss in 2009-10, largely due to one-off write-downs.
Hutchison Telecommunications: rather than contracting, the losses have been rising over time and hit $552 million for the 2004 calendar year proving once again how hard it is to build networks and compete with Telstra.
Hutchison Telecommuncations: the 3G roll out and competition with Telstra is still proving enormously expensive with a $547 million loss reported in calendar 2005.
Commonwealth Office: even the Commonwealth Bank's trophy office fund took heavy write-downs which delivered a $544 million net loss for 2008-09.
ConnectEast: announced a $531 million loss for 2008-09 after writing down its single tollroad asset in Melbourne by $400 million and announcing a $421 million capital raising.
Northern Star: the controller of Channel 10 reported a write-down induced $514 million loss in 1988-89 just as Frank Lowy was dumping the debt-laden and loss-making network onto Steve Cosser's Broadcom Australia.
PMP: former chairman Ken Cowley and his mate, CEO Bob Muscat, did a terrible job running the magazine and printing company, eventually plunging to a $500 million loss in 2000-01 when they wrote down the value of the magazine division before it was sold to Seven.
$200 MILLION TO $500 MILLION
: Wracked up several years of losses and in 1992-93 it was an impressive $484.36 million thanks to a pile of write-offs. Foster's:
heavy write-downs on its ill-fated wine division sent the beverages giant to a net loss of $464 million
Air New Zealand
: rather than Ansett problems it was tax-related accounting changes which sent the Kiwi carrier to a bottom line loss of $460
million in 1999-2000 despite claiming a trading profit of $509 million.
: reported a loss of $456 million
for 2002-03, due to writedowns in its hospital business after the Peter Smedley experiment spectacularly failed. Jennings Industries
: huge write downs on assets like Southbank in Melbourne and Daydream Island in the Whitsundays sent the once proud Melbourne-based developer to a bottom line loss of $433 million in 1991-92 as controlling shareholder Fletcher Challenge walked away and allowed the company to go broke thanks to the efforts of CEO Ashley Goldsworthy, who was rewarded with the Federal presidency of the Liberal Party a couple of years later.Roc Oil:
exploration costs and tumbling oil prices produced a $430 million loss
for the 2008 calendar year.
Babcock & Brown Power:
big write-downs triggered a net loss of $426 million in 2007-08 as it seeks independence from the parent and fired both CEO Paul Simshauer and finance director James Brown.Telecom New Zealand:
Took a hit of almost $1 billion on its AAPT investment as it plunged to a $NZ425 million loss
for the 2005-06 financial year.Hutchison Telecommunications
: start-up costs for its '3' mobile phone business were responsible for a $410 million loss
for the 2003 calendar year - its third consecutive $100 million-plus loss.AMP
: For the year to December 31, 1999, AMP recorded a net loss of $403 million
thanks to a $1 billion write off of its investment in GIO. Fairfax Media:
announced $674 million of write-downs
for 2010-11 which triggered a $391 million loss. The biggest component was mastheads, licences and goodwill from previous takeovers.National Consolidated
: the efforts to untangle itself from the Adsteam empire saw this heavy engineering company report a bottom line loss of $390.1 million for the 1990-91 financial year.
announced a net loss of $380 million
for 2008-09, largely due to write-downs of its newspaper assets.Normandy Poseidon
: The key companies in Robert Champion de Crespigny's group posted a combined $370.7 million net loss for the 1994 calendar year due to write-downs. Qantas
: the merger with Australian Airlines ahead of the float led to huge write-offs which caused a $370 million net loss for the 1992-93 financial year.
Astro Japan Property Trust (formerly Babcock & Brown's Japanese play):
heavy write-downs of Japanese property investments delivered a $367 million net loss
for 2008-09.CFS Retail:
even the Commonwealth Bank's trophy retail property fund took heavy write-downs which delivered a $367 million net loss
Tasmanian timber giant plunged to a net loss of $355 million for 2010-11 after $477 million of one-off impairment charges against a wide variety of assets assembled during the John Gay acquisition binge.Wormald International
: the company formerly run by Bob Mansfield shocked the market with a devastating bottom line loss of $348.4 million for the year to June 1988. APN European Retail Property Group:
write-downs and derivative losses produced a net loss of $309.4 million
for the year ending June 30, 2009. but this only reduced net assets to $267.6 million when the market capitalisation is $15 million.
Elders (formerly Futuris)
Malcolm Jackman came in as the new CEO in September 2008 and managed a net loss of $329 million
in the December half after $346 million in write-downs. However, this blew out to a $414 million full year loss
which was delayed pending finalisation of a massively dilutive $550 million capital raising at just 15c. CSR:
announced a $326.5 million loss for the year ending March 30, 2009. The earnings before interest and tax fell by 17% and dividends have halved to 7.5 cents a share.
huge write-downs, the biggest in the Strategic Finance business due to enormous bad debts in New Zealand, sent the 2007-08 result for this highly geared Allco vehicle plunging to a net loss of $322.2 million
: regional pay-TV operator suffered losses of $319 million
in the 2000 calendar year.
FKP Property Group:
the retirement village owner announced a loss of $319 million
for 2008-09. This compared with a profit of $145 million for the same period a year earlier.
Everest Babcock & Brown:
savage write-downs delivered a $305.6 million net loss
for the December 2008 half which slashed claimed net assets from $339.5 million in August 2008 to $21 million in February 2009. The full year loss for 2008/09 was $436 million.
huge write downs sent the credit agency to a $300 million net loss in 2001-02.Australand:
following a profit of $40 million profit in 2008, the property group announced a $298 million loss
for 2009. Additionally, its operating profit fell 31% to $120 million, down from $175 million.Australis Media
: the pay TV outfit went broke and in 1996-97 managed to lose $297.5 million before proposing a merger with Foxtel which was subsequently rejected by the ACCC so the business went under.Transpacific Industries:
net loss of $296 million
for 2010-11 after heavy write-downs of intangibles after a pre-GFC takeover binge.One-tel:
the upstart telco backed by the Murdoch and Packer families reported a $296 million net loss in 1999-00.Hutchison Telecommunications:
the red ink kept flowing
in 2007 with a $285 million net loss for the calendar year.
ING Real Estate Community Living Group:
announced a $284 million loss
for 2008-09 courtesy of property write-downs.AXA Asia Pacific:
plunged to a net loss of $279 million
for calendar 2008 thanks to plunging investment markets.Sausage Software
: the IT company has been renamed SMS but with the likes of Steve Outtrim, Wayne Bos and Gil Hoskins out the door, new CEO Lloyd Roberts cleared the decks in 2000-01 reporting a net loss of $264 million
, before he too departed. IAG:
new CEO Mike Wilkins produced $400 million in write-downs and restructuring charges which led to a $261 million net loss in 2007-08.Record Realty:
the Allco-manged property fund took some big write-downs in 2007-08, plunging to a net loss of $253.5 million
as it proceeds with a staged liquidation that may not leave anything for shareholders.Australis Media
: lost $252 million in 1995-96 as pay-TV start-up costs hit hard.
Mirvac Real Estate Investment Trust:
the half year loss of $158.1m ballooned out ever further to a $251 million loss
for 2008-09 after more write-downs.
heavy losses in Brazil and other write-downs caused a net a loss of $250 million
for the year to September 30, 2009.
Valad Property Group:
write-downs in goodwill on its ill-fated Scarborough acquisition in the UK sent the over-geared property group plunging to a net loss of $248 million
Lend Lease Primelife:
announced a $247 million dollar loss
for 2008-09 after poor market conditions and revaluations of retirement villages contributed to the change from the $41 million profit in 2007-08.ERG:
despite showing loads of promise, rarely did it make money on these global transport contracts and this contributed to a $244 million net loss
in the 2001-02 financial year.Davids Holdings
: once again, it was the new broom CEO in action as former Packer finance man Don Bourke took over the running of the company and came up with massive write-downs and a $240 million net loss in 1996-97.Bendigo Mining:
ceased operating its Bendigo gold mine and took a huge write-down which delivered a net loss of $239.8 million
in 2006-07.Pacific Brands:
the clothing manufacturer announced a $234 million loss for 2008-09
which is down from a profit of $117 million from the previous year. This result can be attributed to writedown charges and restructuring expenses, although sales revenue also fell 5.5% to $2 billion.Pasminco
: The banks were still in control when the world's biggest lead and zinc producer chalked up another $226 million loss for 2002-03.Rubicon Europe:
weighed down by excessive debt and big write-downs led to a net loss of $218.5 million for 2007-08.
: The perennially struggling miner recruited Nick Stump from Comalco and he did the usual thing and cleared the decks in his first outing to announce a $216 million bottom-line loss for 1994-95.ANI
: Asset write-downs sent Australia's largest heavy engineering group into the red with a $213 million annual loss in 1995-96 just a couple of years after Kerry Packer sold his stake for a big profit.MIM
: posted a widely anticipated loss of $205 million for the six months to December 31, 2002, largely because of losses of $238 million associated with the closure of its two European smelters.
the Labor mates lobbying scandal has hit this property fund manager for six and the net loss of $225.9 million
for 2008-09 showed how far the Brisbane-based company has fallen.Paperlinx:
reported a net loss of $225.3 million
in 2009-10, largely thanks to write downs of $170.3 million related to its struggling Tasmanian operations.
Mirvac Industrial Trust:
after a half year loss of $92 million, further write-downs took the full year loss to $224 million
: a net operating loss of $62.9 million was exacerbated by asset write downs which caused a $200 million bottom line for the year to June 30, 1991 as the empire put together by Sir Peter Abeles teetered under a pile of debt.James Hardie
: reported a $200 million bottom-line loss
in 2000-01 after heavy abnormal losses stemming from the setting up a trust fund for asbestos victims, and provisions on the sale of the windows business and Asian operations.THE TIDDLERS: $100M TO $200MERG
: The Perth-based ticketing company continues to win profitless contracts around the world and took another axe to its balance sheet to record a net $198 million loss
for 2002-03.Hutchison Telecommunications
: the telco reported a $197 million loss
in 2002 as competing with Telstra proved very tough, even after One-tel bowed out of the game.Galileo Japan Trust:
was late with its December 2008 results which came in with a net loss of $196.4 million
after heavy write-downs. However, currency movements saw claimed net assets actually rise from $370 million to $386 million, even though the market capitalisation is below $20 million and bankers appear in control. The auditor is James Dunning from PwC.MIM
: despite two years of cost cutting and asset sales of $370 million in the previous 12 months, the mining giant still managed a $195 million bottom line loss for 1993-94 thanks to write-offs.Orica
: the chemical giant reported a $195 million bottom-line loss
for the year to the end of September 2001 after new CEO Malcolm Broomhead came in and cleared the decks with large write-offs and job cuts.TNT
: Hit by a cut-throat domestic aviation market and heavy costs of restructuring in a worldwide recession, TNT crashed to a net loss after abnormals of $195 million in fiscal 1992, matching the previous year's effort.LinQ Resources Fund:
mining investment write-downs led to a $193 million loss
for the full year ending June 30, 2009.Resolute Resources
: the gold miner reported a $185.9 million loss for the year to June 2000 thanks in part to an $80 million write-off of exploration assets.Rubicon Japan:
plunged to a net loss of $185 million in 2007-08 after big write-downs but still claims to have net assets of $195 million when the market values the trust at less than $30 million.Asciano:
reported a disappointing $182 million net loss in 2007-08 after losing $104 million on its Brambles frolic and booking a $135 million write-down after restructuring its grain haulage business.
recorded a loss of $179.9 million
for the 2009 fiscal year. This is in comparison with a profit of $604 million in the previous financial year. Despite this loss, revenue rose 17 per cent to more than $3 billion from its acquisition of Dyno Nobel.
Hedley Leisure Group:
now called Redcape Properties and suffered net loss of $178 million
in 2008-09 courtesy of write-downs on its hotel portfolio.Mayne Nickless
: New CEO Peter Smedley cleared the decks in the 1999-2000 financial year with $243 million in write-downs which produced a net loss of $174 million
as the share price surged and then later plunged again as the Smedley miracle proved to be a mirage.Burns Philp
: huge write-downs on its ingredients business sent the company to a $173.3 million net loss for the year to June 30, 1997 as new largest shareholder Graeme Hart watched his net worth almost disappear before a miraculous recovery.Ampol Exploration
: write-downs of $242.4 million and foreign exchange losses sent oil producer and explorer Ampolex to a net $169.4 million loss for the year to June 30, 1995. Mobil took it over the following year.Paperlinx:
continues to struggle with the high Australian dollar and cost blow outs that sent it to a net loss of $168 million
plunged to a net loss of $164.6 million
in 2007-08 after writing down its Victorian pokies licence by $487.7 million and taking a $194 million charge against its wagering business as the new CEO wielded the axe.NZ Telecom
: made a loss of $164 million
in 2001-02 after slashing its Australian subsidiary AAPT with writedowns worth $800 million.Hutchison Telecommunications:
another year, another loss although at $163 million
for 2008 at least it was lower than the previous five years.
announced a net loss of $160 million
for 2008-09, down from a net profit of $98 million in 2007-08.AWB:
troubles in its bleeding Brazilian business sent the old wheat monopoly to a net loss of $156 million
: Robert de Crespigny's company managed a bottom line loss of $154.6 million in 2000-0, its last year full year as a listed company, thanks to write-downs at its Kasese cobalt project in Uganda.Austrim-Nylex:
the industrial house built by Alan Jackson unravelled in the 21st century, culminating in a $153 million net loss in 2001-02 after a series of asset write-downs and disposals.CSR
: write-downs of its timber and sugar operations sent the company to a net $153.1 million for the year to March 1998 which eventually led to the sacking of CEO Geoff Kels and the recruitment of Peter Kirby from offshore.HFA Accelerator Plus:
announced a loss of $150 million
for the year ending June 30, 2009. Total revenue was down which was due to the devaluation of the company's investment portfolio.
announced a $150.3m loss
for 2008-09 after some write-downs.Allco Hybrid Investment Trust:
plunging asset values delivered a $149 million net loss
for the 2007-08 financial year.
Babcock & Brown Power:
the write-downs could have been a lot heavier but still deliverd a $148.9 million loss
: the listed software company which used to have Neville Wran and Greg Barns on the board reported a bottom line loss
of $146.4 million in 2001-02 after writing off several failed investments.Orbital Engine Company:
Ralph Sarich was smart to get out in the early 1990s because the losses started to mount and peaked at $144 million in 1996-97.
Macquarie Atlas Roads:
losses in equity accounted offshore tollroads sent this company to a net loss of $142.5 million in calendar 2010.Transurban:
one-off items sent the tollroad giant tumbling to a net loss of $140.45 million
problems at the Broken Hill mining operations, a failed merger and big asset write-downs combined to a deliver a net loss
$140.3 million for 2007-08.Rubicon America Trust:
property write downs led to a $140 million net loss for 2007-08 but it should have been more given it claims to have net assets of $210 million when the market capitalisation is $30 million.Pacific Dunlop
: The last nail in the coffin for the once great diversified manufacturer managed a $139.4 million net loss
in 2000-01 as more writedowns in tyres and other divisions hit shareholders yet again.City Pacific:
the 2007-08 result came in
after the deadline and it was a shocker as the bottom line loss hit $139 million after a slew of write-downs for this teetering Gold Coast property and financial house.
Challenger Infrastructure Fund:
paid too much for assets in the UK so write-downs delivered a $139 million net loss
: lost $137 million
in the 2001 calendar year after massively missing their forecasts trying to compete with Telstra in an overcrowded market.Solution 6
: The business software supplier Solution 6 reported a $136 million loss for the 12 months to June 30, 2001 after new CEO Neil Gamble wrote down the value of several failed investments by controversial American CEO Chris Tyler.Pacific Dunlop
: The rot really set in the 1995-96 when a $340 million write down on its pacemaker division sent it to a a bottom line loss of $133 million.Baycorp Advantage:
write downs of goodwill and other asset valued sent it to a loss of $138 million after tax in 2003-04.Pacific Brands:
plunged to a net loss of $132 million
in 2010-11 courtesy of write-downs and restructuring costs.
GEO Property Group:
the former MFS fund took write-downs which delivered a net loss of $131.6 million
: the perennial loss-maker reported another $131 million loss
for the 2002 calendar year.Keybridge Capital:
announced a $129 million loss
for 2008-09, reflecting falling investment markets.Alesco:
the struggling wholesale distribution company foreshadowed a net loss of $126 million for 2009-10 after a write down of $133 million which also saw CEO Justin Ryan shown the door with an excessive $1.7 million cash payout.
posted a $124.6 million loss
in 2009-10 due to significant writedowns on its assets for businesses which include technical services to industries using heavy machinery and rolling stock.Australian Vintage:
it has been a tough time for the wine industry and the old McGuigan-Simeon took write-downs which delivered a $123 million loss
in 2008-09.Australis Media
: the pay TV operator lost $122 million in 1994-95.
Amazing Home Loans:
this boutique lender plunged to a $116.8 million loss for 2007-08 on rising bad debts and problems financing its short term debts.Hoyts
: Leon Fink paid some ridiculous prices for various radio licences in the 1980s and in 1989-90 he took an axe to the balance sheet and reported a bottom line loss of $116 million.UEComm
: the telecommunications spin-off of Victorian Energy distributor United Energy, put out a wildly optimistic prospectus and then plunged to a bottom line loss of $115.4 million in 2001.Delta Gold
: reported a $114.7 million bottom line in 1999-2000 after writing down the value of its Zimbabwe and Solomon Islands mines by $143.7 million.Cromwell Group:
the Brisbane-based property group tumbled to a $113 million net loss
for 2008-09 after taking a $104 million write-down on its investment properties.National Leisure & Gaming:
big goodwill write-downs on its 38 pubs send the company tumbling to a net loss of $112.6 million
write-downs and trading losses delivered a $110 million loss
for the December 2008 and with claimed net assets of more than $2 billion, the current market capitalisation of less than $700 million suggest that bigger write-downs were warranted.Austar
: regional pay-TV operator reported a $110 million loss
for the 1999 calendar year.Challenger Financial Group:
reported a $108 million net loss
for the six months to December 31, 2008, primarily due to losses on investments.Iama
: the Melbourne-based agricultural distributor booked a bottom line loss of $108 million for the year ended September 30, 2000, thanks to a raft of abnormals from its haphazard diversification into all sorts of businesses.
Multiplex Acumen Property Fund:
property write-downs sent it tumbling to a $107 million loss
for 2008-09.SMS Management and Technology
: had a loss of $106.8 million
for 2002-03. This was the third consecutive year of declining sales for the computer services company.Aristocrat
: the gaming machine maker had a net loss of $106 million
for 2003, after writing down contracts and business operations, although this was completely misleading as it generated about $200 million of free cash over the year and was just a new CEO painting his predecessor black.VDM Group:
the Perth-based engineering and project management group took $88.8 million in write-downs which delivered a painful $105.6 million net loss
for 2008-09.Sino Gold:
the Sydney-based gold explorer claims to have net assets of $800.3 million. On the back of a $23 million loss in 2007, they announced a loss $103.8 million
for 2008 after write-downs from the acquisition of exploration projects.
Inventory has been slashed by more than $69 million and restructuring charges of another $60 million were booked, producing an after tax loss of $103.4 million in 2004-05.
yet more write-downs led to a full year bottom line loss of $103.3 million
for 2007-08 for the once glamour tech stock.Abacus Property Group:
one of the smaller property players but still took write-downs big enough to deliver a net loss of $102 million
for 2008-09.Centaur Mining & Exploration:
Joe Gutnick's flagship lost $100.6 million in 1998-99 before going broke on the same day HIH collapsed, March 15, 2001.Prominent companies that almost made the list
: the post Wallis write-offs (worth $371m) sent it to an $80m loss in 1997.Newcrest:
the silly tilt at Normandy sent it tumbling to a $89 million net loss in 1996-97.Iluka:
a series of write-offs produced an $85.9 million bottom line loss for the mineral sands giant in 2005.Orbital Engine Company:
Ralph Sarich was smart to get out before the losses started to flow and these included $89 million in 1997-98 and $87 million in 1998-00PBL
: the One-tel write-off dropped Packer's listed flagship to a net loss of $84 million in 2000-01.Check out all the Mayne Report business lists here. Go here to see the full comprehensive list of lists we've created documenting the dominance of foreign investors in Australia and our relative poor performance on the international business stage.