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ERG to sell half of business after big loss
18-April-08
Written by Staff Reporters
Balcatta-based ticketing company ERG Ltd plans to sell half of its business to its major shareholder and lender after reporting a $104.7 million loss for the half year to December 2007.
Its overall loss included a $80m loss on its contract with Sydney Tcard for the supply of an automated ticketing system.
In addition to losing the contract, the company has lost the opportunity to operate and maintain the Tcard system for 10 years and these direct losses will be the subject of a counterclaim expected to be in excess of $185 million.
Article continues...
18-April-08
Written by Staff Reporters
Balcatta-based ticketing company ERG Ltd plans to sell half of its business to its major shareholder and lender after reporting a $104.7 million loss for the half year to December 2007.
Its overall loss included a $80m loss on its contract with Sydney Tcard for the supply of an automated ticketing system.
In addition to losing the contract, the company has lost the opportunity to operate and maintain the Tcard system for 10 years and these direct losses will be the subject of a counterclaim expected to be in excess of $185 million.
Article continues...
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