Singapore-based investment firm Brierley Investments Ltd posted a loss of US$ 119.60 million for 2001 towards the end of September, due to losses suffered at Air New Zealand for the writedown in unit …
Singapore-based investment firm Brierley Investments Ltd posted a loss of US$ 119.60 million for 2001 towards the end of September, due to losses suffered at Air New Zealand for the writedown in unit Ansett Australia. The loss is Brierley“s second in two years but was better than the previous year“s loss of US$ 162 million. The company said in a statement that it was difficult to forecast 2002 results as the attacks in the US had thrown up new challenges for the company with hotel and airline assets. Brierley, controlled by Malaysia“s low-profile tycoon Quek Leng Chan, had warned early in September that it would report a loss for the year to 30 June, because of its share of Air New Zealand“s losses. The investment firm had expected to return to profitability this year because of the sale of its 28.7% interest in Australia“s James Hardie Industries in May on which it made profits of US$ 148.1 million. The former New Zealand-based company, which has also recently been building up a significant stake in Singapore-based soft drinks group Fraser & Neave, said Quek had agreed to be the new chairman of the group.