Van Der Horst Energy says the group incurred a loss of $23.03 million for the full year ended 31 May 2010 compared to a profit of $7.49 million for the full year ended 31 May 2009.
This was mainly due to the allowance for impairment of goodwill of $19.07 million; allowance for impairment of intangible assets of $3.5 million for the Micro-Biotech segment.
For the full year ended 31 May 2010, the group’s revenue decreased by 12% from $23.9 million to $21 million as the logistic business experienced a reduction in volume as well as erosion of profit margins compared to the previous financial period.
