Red ink continues at Brierley

In the six months to the end of December the company reported a net loss of $50 million compared with the previous interim loss of $83 million.

BIL says equity accounted contributions from associates fell to $51.5 million from $124 million previously, reflecting disappointing performances by core investments Air New Zealand and James Hardie.

However CEO Greg Terry says despite those setbacks the company remains on track to return to growth in asset value this year.

"Thistle Hotels has made significant progress over the last six months and James Hardie has successfully laid the foundation for a complete focus on its high growth fibre cement business.

"Air New Zealand has a new management, a new structure and the elements of a new strategy and although the full integration of Ansett and the implementation of the new strategy will take time, the prospects for Air New Zealand going forward are sound."

Mr Terry says the company has made significant further progress in realising non-core assets, including the disposal of Sealord.

He says new investment also performed well in the first half, with the company's stake in Singapore-based group Fraser & Neave showing unrealised gains and its portfolio trading activities exceeding target rates of return.

Former Brierley chief, Sir Ron Brierley, is to retire as a non-executive director of the company at the end of this month.

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