The company posted a loss of A$144.5 million (US$109.3 million) for the 12 months to 30 June, a steep fall from the A$18.3 million profit booked over the previous financial year.
Dragging the company down into the red was a A$147.5 million non-cash impairment on the carrying value of Horizon’s s Maari production asset in New Zealand and its condensate-rich gas resources in Papua New Guinea.
Horizon
