Woosh posts $38 million loss

Woosh Wireless today announced a $38 million loss for its financial year ending June 30, 2009.

The internet service provider (ISP) wrote down the value of its network by $22.3m.

In a statement, company chairman Rod Inglis said the directors believe that the value of the network assets could be increased in future when they move to a new wireless broadband network using WiMAX technology.