WASTE-KING CLAWS COMPANY BACK TO PROFITABILITY

WASTE-KING CLAWS COMPANY BACK TO PROFITABILITY

TRANSPACIFIC Industries Group (TPI) has recovered from the last financial year’s massive loss.

The waste management company today posted a $12.5 million net profit after tax for fiscal 2012.

The result represents a turnaround on the previous fiscal period’s $296.5 million net loss after tax. Gross debt was also reduced by $378 million.

CEO Kevin Campbell (pictured) praised improved economic conditions and greater efficiency across the group.

“I am pleased with the performance of our commercial vehicles division and the results of the actions taken to reduce the loss in our manufacturing division,” he says.

“We have strengthened our management team considerably over the last 18 months and are implementing a number of initiatives to realise efficiencies across the group.”

TPI is holding talks with “several prospective purchasers” about selling its manufacturing operations. The deal is expected to complete before June 30, 2013.

The company approved no final dividend because debt reduction would remain a “key priority”.

TPI shares were flat today at 83 cents per unit.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Operating the board collaboratively, efficiently and securely
Partner Content
'Digitisation' and 'digitalisation' are two words that are frequently t...
OnBoard
Advertisement

Related Stories

Jumbo to expand UK presence with $32m acquisition of StarVale

Jumbo to expand UK presence with $32m acquisition of StarVale

Digital lottery service provider Jumbo Interactive (ASX: JIN) has e...

Centuria Capital secures West Village retail for $202m

Centuria Capital secures West Village retail for $202m

Centuria Capital Group (ASX: CNI) has snared an emerging inner-city...

Supply chain woes sees Kogan profit dive 58 per cent

Supply chain woes sees Kogan profit dive 58 per cent

Despite delivering record sales revenue for the first half of FY22,...

How Fable Food Co founder Michael Fox tricked himself back into business after failed venture

How Fable Food Co founder Michael Fox tricked himself back into business after failed venture

After his online footwear retail startup Shoes of Prey failed follo...