P. M. BRIEFING : Bond Corp. Posts Largest Loss in Aussie History; Growth Cited
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SYDNEY, Australia — Bond Corp., the flagship company of Australian tycoon Alan Bond, today announced the largest loss in Australian history.
Bond Corp. said it chalked up a net loss of $610 million in the year ending June 30 after making a profit of $266 million in 1988-89.
Directors of the heavily indebted media, brewing and natural-resources company blamed recent rapid growth for the results and insisted that it remains a viable concern.
“Having fully considered all aspects of the company’s state of affairs and future cash flows the directors confirm absolutely that the company is solvent,” the corporation said.
Bond Corp.’s shares, avoided by larger institutions because of what they see as Alan Bond’s unpredictability, slid to 29 cents today from a year’s high of $1.87 in January.
The corporation said its rapid growth over the last few years had proved its undoing, forcing it into a fire sale of assets totaling more than $3.5 billion this year.
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