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Downer EDI Ltd (ASX:DOW) has posted a first half net loss, and also, launched a $279 million capital raising to inject funds into its troubled Waratah train project in New South Wales.
In the six months to 31 December 2010, the engineering company booked a net loss of $103.8 million, from a profit of $87 million a year before. Revenue rose 18 per cent to $3.3 billion.
Last month Downer advised it would take a $250 million provision related to the Waratah train project, bringing the total changes on the contract to $440 million.
Under the capital raising Downer is undertaking a fully underwritten 1 for 4 accelerated renounceable entitlement offer to all eligible shareholders.
The offer price is $3.25, representing a 17.1 per cent discount to Downer’s last closing price of $3.92.
No interim dividend has been declared for the half year.
In the 2010 financial year Downer EDI recorded a net profit of just over $3 million.
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Last
$7.26 |
Change
0.130(1.82%) |
Mkt cap ! $4.875B | |||
| Open | High | Low | Value | Volume |
| $7.18 | $7.31 | $7.16 | $49.98M | 6.903M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 3037 | $7.25 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.30 | 33699 | 4 |
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| DOW (ASX) Chart |