Gupta’s InfraBuild sinks to $81m half-year loss as debts balloon
Documents circulated to lenders show the company, which runs furnaces in Sydney and Melbourne, bought $140 million in steel from the collapsed Whyalla plant.
InfraBuild, the most profitable business in British industrialist Sanjeev Gupta’s faltering global business, has crashed to a loss of more than $80 million in six months, paying millions of dollars to cover the legal expenses of the creditors chasing his other companies for repayment.
The company’s finances were disclosed in a presentation sent to InfraBuild bondholders, which note it is owed $156 million by the Whyalla steelworks, once part of Gupta’s empire and now in the hands of administrators after the South Australian government seized assets last month.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
