Struggling engineering and mining services group Bradken will restructure its business to focus on mining consumables and special castings for the North American defence and energy markets.
Bradken, which like most mining services companies has been hit by the commodities downturn, on Tuesday booked a net loss of $195.9 million for the 12 months to June 30, an 18.8 per cent improvement on the loss of $243.1 million a year earlier.
It said the outlook for the commodity market was expected to remain unchanged in 2017, with steady production levels across most commodities in key markets, and capital expenditure to remain subdued.
BRADKEN RESULTS FOR YEAR TO JUNE 30, 2016
* Net loss $195.9m, down from $243.1m loss in 2014/15
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* Revenue $820.6m, down 15.3pct
* No dividend.
