Costs overrun plunges Rotary Engineering $66m into the red
ROTARY Engineering has plunged steeply into the red, with a net loss of $66.2 million in the third quarter.
The company, which builds storage tanks for the oil and gas industry, had made a profit of $7.2 million in the same period last year.
Revenue for the three months to Sept 30 slipped by 2 per cent to $115.4 million.
In September, the group warned that it expected to record a net loss for its third quarter and nine months, and accordingly, a net loss for the full year.