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.
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