JUNE 04, 2015
AAP
GROCERY retailer Metcash will take a $640 million hit to its full year profit and suspend dividend payments as tough competition continues to hurt its IGA supermarkets brand.
METCASH will make $640 million in non-cash impairments in its 2014/15 full year result, including $507 million in asset writedowns and a $133 million charge relating to other assets, mostly related to its food and grocery division.
But the company has reaffirmed its full year guidance for underlying earnings of between $315 million and $330 million.
Posted in Industry News
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