Australian crane rental giant Boom Logistics reported a strong decline in annual profits recently after writing down the value of some of its assets. Net profit for BL’s fiscal year ended June 30 was AU$18.64 million (about U.S. $16.42 million), a 46-percent drop from AU$34.44 in the previous year.

Boom Logistic’s underlying net profit was AU $22.1 million, which was in line with its June guidance.

Company officials said it was cutting costs and said first-quarter results would show the results of the cost-reduction initiatives.

Still, revenue grew 17 percent year-over-year to AU$410.3 million, with 43-percent growth in crane sales and more than 10-percent growth in crane rental.

Boom Logistics said last week it has obtained financing approval for a $165 million, three-year revolving debt facility and a three-year $32 million working capital and general transactional banking facility.