The downgrade in expected profit followed a $25.2 million write-down of its 25 per cent stake in Pulse Energy. United Energy will also write off its $5 million investment in energy trader, Edgecap.
The bad news just kept coming for United shareholders during the week. The day before the announcement of the profit downgrade, its telecommunications subsidiary, Uecomm, unveiled a $55.2 million loss for the 2001 calender year, which included $40.8 million in one-off restructuring costs and asset write-downs.
United Energy stock has been the worst performing stock in the S&P/ASX200 Index over the past five sessions. United Energy shares fell 7c to $2.35 at time of writing.
