Metcash

Metcash announced today that, following a strategic review, it intends to make writedowns of between $124m and $148m. Of the writedowns, $90m-$105m relates to joint ventures in Queensland, which have been particularly hard hit by the tourism downturn and deflation. The nature of these writedowns is slightly troubling, indicating a greater complexity to Metcash’s business than is obvious from the accounts. Less troubling was a restructure of Campbells Wholesale, which accounted for the remaining $34m-$43m of writedowns. Structural changes to the convenience food market means the Campbells division will be scaled back, resulting in a $25m-$30m boost to profit...

Metcash announced today that, following a strategic review, it intends to make writedowns of between $124m and $148m. Of the writedowns, $90m-$105m relates to joint ventures in Queensland, which have been particularly hard hit by the tourism downturn and deflation. The nature of these writedowns is slightly troubling, indicating a greater complexity to Metcash’s business than is obvious from the accounts.

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