UGL makes $122m 1H loss

UGL makes a $122.5 million net loss after being hit with one-off writedowns and provisions, but still expects to achieve its $2.4 billion revenue target.

Engineering Group UGL has suffered a first half loss due to one-off writedowns and provisions as the slowdown in mining investment continues to bite.

UGL made a net loss of $122.5 million, down from a $29.5 million profit a year ago.

The result was affected by almost $200 million in one-off items, including provisions to cover risks and likely settlements relating to its Ichthys CCPP project.

UGL said it was on track to achieve its full year target of $2.4 billion in revenue but said its full year earnings would be impacted by efforts to improve the company's performance.