(MENAFN) Australia's ALS, the analytical lab services provider, recorded a yearly loss of about USD174.5 million due to failing operations in the energy sector, Sky News reported.
The sum compares to a net profit of around USD154.4 million recorded back in 2013/2014 financial year. This year's losses are attributed to impairment fees set upon the firm's oil and gas investments.
"Markets for our services remain challenging in an environment of falling commodity prices and a strong cost focus from most clients," ALS chairman said in a statement.
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