The $700m sale saw PaperlinX incur an impairment of $567.5 million, roughly half the $1.15bn asset value of Australian Paper.

The company reported otherwise flat results, recording $3.78bn in revenue and a slender $6.6m operating profit.

Meanwhile, BlueStar Print have capped off a difficult start to the year by reporting a slide in its half-year net profit, reporting profit after tax of NZ$3.23m, down from NZ$9m in the corresponding period of last year.

However, the company’s overall sales revenue jumped to NZ$304.4m, up from NZ$253.1m last year.

Earlier this year, the company was forced to close its McMillan Print division at a cost of over 40 jobs.

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