Bond Corp. Tells $1.8-Billion Loss
Two days after Alan Bond resigned as chairman, his embattled Bond Corp. reported an annual net loss today of $1.8 billion, the largest in Australian corporate history.
The loss eclipses the previous record of $1 billion announced Tuesday by Elders IXL, a brewing, agriculture and finance group.
Bond Corp., a brewing, media and property conglomerate, lost money on almost all its major operations in the year to June 30, just as it did in the 1988-89 year, when it posted what was then the country’s biggest loss of $670 million.
Bond Corp. said its latest loss followed major writedowns on investments in its U.S. brewer, Heileman Brewing, television operator Bond Media, Bell Resources and pay-TV company British Satellite Broadcasting.