CSR posts $155m loss on Veridian write-down

Building products and sugar producer CSR Limited (ASX:CSR) has posted a net loss of $155.6 million for the six months ending in September, due to a major writedown at one of its units.

The loss, which represented a staggering 573% decline in the company’s fortunes year on year, was prompted by a $250 million impairment charge at CSR’s struggling Veridian glass business. Excluding the charge and other significant items, profit grew 35% year-on-year.

Meanwhile, the company today announced plans to raise around $375 million through a share placement. The $1.66 per share entitlement offer is a 15% discount on the closing price of CSR shares on Friday.

CSR also revealed it was in the final stages of due diligence for the planned demerger of its sugar and renewable energy businesses.