Toll Wobbles After $685 Million Loss
Logistics provider Toll has post an annual net loss of $685.3 million, with its parent company reportedly only guaranteeing banking facilities until June 30, 2021.
According to AFR, Toll parent company, Japan Post, has appointed banks to review selling off part, or all, of the transport group.
The company attributes the financial impact of the coronavirus pandemic, Australian bushfires and its recent cyber attacks for reduced freight volumes.
According to ASIC documents, group revenues slipped $7.8 billion for the twelve months to March 31, 2020. Net cash outflow stemming from operations surged from $5 million to $42 million.
The company’s interest-bearing liabilities have nearly doubled over the year – around $3 billion over asset valuation by March end.
Toll has sought to sell-off assets in an attempt to raise cash, inclusive of cargo ships and a New Zealand freight hub.
It comes after Toll snared an extra $200 million banking facility in May.
The company has not paid any dividends in its 2020 financial year.