The $100m loss club by financial year

2007-08

ABC Learning: we haven't seen the figure yet but stand by for a loss of more than $500 million in 2007-08 after the partial US sell-down and share price plunge which sees the claimed net assets of $1.9 billion look about 200% overblown.

Allco Finance Group: reported a $1.73 billion full-year loss for 2007-08 after previously declaring a delusional $84 million net profit for the December half before the reality of a plunging share price and asset values set in.

Allco HIT: huge write-downs, the biggest in the Strategic Finance business due to enormous bad debts in New Zealand, sent the 2007-08 result plunging to a net loss of $322.2 million.

Allco Hybrid Investment Trust: plunging asset values delivered a $149 million net loss for the year.

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.

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.

Babcock & Brown Power: big write-downs triggered a net loss of $426 million as it seeks independence from the parent and fired both the CEO and finance director.

Centro Properties Group: shopping centre write-downs sent it to a staggering net loss of $2.055 billion for the full year after notching up a $1.11 billion in loss in the first half.

Centro Retail: declared a full year loss of $887 million after sweeping shopping centre write-downs.

City Pacific: the 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.

Commander Communications: the new CEO came in and torched the book value with writedowns on debts, old IT hardware and the struggling data business which led to a loss of $239 million for the first half of the 2007-08 financial year and now the business has formally gone under.

ERG: yet more write-downs led to a full year bottom line loss of $103.3 million in 2007-08 for the once glamour tech stock.

Everest Babcock & Brown: the hedge fund manager plunged to a bottom-line loss of $131 million for the June 2008 half after writing down intangibles by $142 million.

Fortescue Metals: it was only for the December half, but Andrew Twiggy Forrest managed a net loss of $975 million as he seriously cranked up construction for the targeted first iron ore shipment in May 2008.

Hutchison Telecommunications: the red ink kept flowing in 2007 with a $285 million net loss for the calendar year.

IAG: new CEO Mike Wilkins produced $400 million in write-downs and restructuring charges which led to a $261 million net loss.

Macquarie Communications Infrastructure Group: the highly indebted Millionaires Factory vehicle reported a bottom line loss of $103.4 million for 2007-08 after taking a $649 million hit on its exchangeable interest rate swaps.

MFS/Octaviar: plunged to a belated $221 million net loss for the half to December 31 after writing down the MFS Pacific Finance division by $246 million. A much bigger full year loss is coming.

National Leisure & Gaming: big goodwill write-downs on its 38 pubs send the company tumbling to a net loss of $112.6 million in 2007-08.

OZ Minerals: the accounting for the combined Zinifex and Oxiana was a dogs breakfast which finished with a $543 million loss for the June half after the Allegiance Mining assets were written down from $905 million to $466 million.

Perilya: 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.

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.

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.

Rubicon Europe: weighed down by excessive debt and big write-downs led to a net loss of $218.5 million for 2007-08.

Rubicon Japan: plunged to a net loss of $185 million 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.

Tabcorp: 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.

Tamaya Resources: plunged to a net loss of $141 million for the June half after writing off its disastrous investment in Iberian Reources.

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.

Transurban: one-off items sent the tollroad giant tumbling to a net loss of $140.45 million in 2007-08.

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 in 2007-08.

2006-07

Bendigo Mining: ceased operating its Bendigo gold mine and took a huge write-down which delivered a net loss of $239.8 million.

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.

James Hardie: a big charge for asbestos liabilities delivered a net loss of $570 million in the 12 months to March 30, 2007.

Transurban: one-off items sent the tollroad giant tumbling to a net loss of $151 million in 2006-07.

2005-06

Hutchison Telecommuncations: the 3G roll out and competition with Telstra is still proving enormously expensive with a $547 million loss reported in calendar 2005.

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.

2004-05

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.

Miller's Retail: 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.

2003-04

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.

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.

Baycorp Advantage: write downs of goodwill and other asset valued sent it to a loss of $138 million after tax in 2003-04.

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.

2002-03

AMP: write-offs in the UK business produced a bottom line loss of $896 million in calendar 2002.

Austar: the perennial loss-maker reported another $131 million loss for the 2002 calendar year.

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.

ERG: 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.

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.

Mayne: reported a loss of $456 million for 2002-03, due to writedowns in its hospital business after the Peter Smedley experiment spectacularly failed.

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.

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.

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.

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.


2001-02

Air New Zealand: The collapse Ansett sent it to a net loss for the 2001-02 financial year of $NZ1.4 billion.

AMP: write-offs in the UK business produced a bottom line loss of $896 million in calendar 2002.

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.

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.

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.

Baycorp Advantage: huge write downs sent the credit agency to a $300 million net loss in 2001-02.

Centaur Mining & Exploration: Joe Gutnick's flagship collapsed in March 2001 and two years later the administator announced a shortfall of $784 million.

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.

Hutchison Telecommunications: lost $137 million in the 2001 calendar year after massively missing their forecasts trying to compete with Telstra in an overcrowded market.

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.

NZ Telecom: made a loss of $164 million in 2001-02 after slashing its Australian subsidiary AAPT with writedowns worth $800 million.

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.

Pasminco: this was after the administrators were appointed but will still count as a $715.7 million loss for the 2001-02 financial year, largely due to hedging exposures.

Powerlan: 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.

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.


2000-01

Austar: regional pay-TV operator suffered losses of $319 million in the 2000 calendar year.

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.

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.

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.

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.

Normandy Mining: Robert de Crespigny's company managed a bottom line loss of $154.6 million in 2000-01, its last year full year as a listed company, thanks to writedowns at its Kasese cobalt project in Uganda.

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.

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.

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.

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.

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.


1999-00

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.

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.

Austar: regional pay-TV operator reported a $110 million loss for the 1999 calendar year.

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.

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.

One-tel: the upstart telco backed by the Murdoch and Packer families reported a $296 million loss in 1999-00.


1998-99

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.

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.


1997-98

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.

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.


1996-97

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.

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.

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.

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.


1995-96

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.

Australis Media: lost $252 million in 1995-96 as pay-TV start-up costs hit hard.

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.


1994-95

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.

Australis Media : the pay TV operator lost $122 million in 1994-95.

MIM: 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.


1993-94

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.

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.


1992-93

Adsteam: Wracked up several years of losses and in 1992-93 it was an impressive $484.36 million thanks to a pile of write-offs.

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.

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.

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.

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.


1991-92

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.

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.


1990-91

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.

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.

TNT: 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.


1989-90

Bond Corporation: Alan Bond's company announced a then record loss of $980 million in 1989-90.

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.

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.


1988-89

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.

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.


This list was first published on Crikey.

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