KS Energy

KS Energy: Rev for FY2010 down 21.2% at $509.5m. Co recorded a net loss of $98.4m for the year compared to a net profit of $40.0m in 09. Total net loss for 4Q was $61.5m Co posted an operating loss of $14.4m and had additional impairment losses of $35.0m from plant, equipment and intangibles. Share of results from joint entities added further losses of $18.0m compared to a gain of $19.4m in 2009 which was due to an accounting consolidation of an associate…

Rev from both business segments suffered, Distribution forming 70.7% was down 7.9%, and sales from Capital Equipment and other businesses were down 41.5%. Co will continue restructuring efforts and expect positive results from the reorg to show in 2H2011. In additional news, ITOCHU Corp, a Japanese co has also proposed to invest the 20% equity interest in KS Drilling, the drilling arm of KS energy. ITOCHU is in the business of energy and infrastructure projects.