Blue Star slightly betters prospectus sales and loss forecasts
Blue Star reported sales of $569.8 million for the year ended June 30, slightly higher than the $569.2 million in the previous year and above the $568.9 million prospectus forecast.
The annual net loss rose to $84.9 million, which included $59.8 million in goodwill write-offs, from $75.6 million the previous year. Before tax and the write-offs, the operating loss rose to $24.9 million from $15.5 million the previous year.
It reiterated it expects earnings before interest, tax, depreciation, amortisation and rent and restructuring costs (EBITDAR) to rise 26.5% from the $42.4 million profit on that measure earned in the year ended June 30. The previous year's EBITDAR was $46 million.
The Blue Star prospectus forecast a $75.6 million net profit for the current year, boosted by the severe haircut bondholders took on their investments which saw the $137.3 million in principal and interest they were owed converted to a net present value of $44 million if all goes as planned.
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