AusGroup reports A$69m Q2 loss, MD resigns

Singapore

OVER the weekend, AusGroup announced the resignation of its managing director, Gerard Hutchinson, as well as its A$69.43 million (S$68.97 million) net loss for the second quarter ended Dec 31, 2015.

The oil and gas and mining engineering company had on Friday warned of a net loss, due in part to continued delay in the commercialisation of the port and marine business, and a worse-than-anticipated pullback in capital expenditure in the oil and gas industry.