Matrix Composites and Engineering has confirmed a $14.4 million operating loss for the year ended June 30, driven largely by a 17 per cent drop in total revenue.
Matrix today said revenue for FY2012 was $144.8 million, while its $14.4 million loss was down 148 per cent on the previous year’s result.
The company said FY2012 was a year of transition, as it commissioned its new plant in Henderson.
Matrix also opened offices in Rio de Janeiro and Houston over the year, and released a suite of new products for onshore and offshore oil and gas development.
The loss was also driven by the strong appreciation of the Australian dollar and duplicate costs arising from the commissioning of the Henderson plant.
“2012 was a year of transition for Matrix, with many of the challenges presented being ‘one-offs’ specific to this phase of our business,” chief executive Aaron Begley said.
“Our operations team have worked hard to overcome the operational challenges presented by the construction and commissioning phase and the plant is now operating at target production levels.”
Matrix shares finished the day up 5.4 per cent, trading at $2.16.
