Coca Cola-Amatil has recorded an 82.5 per cent fall in full year profit after making $404 million in writedowns on its SPC Ardmona fruit and vegetable processing business.February 18, 2014 11:00am
Coca Cola-Amatil has recorded an 82.5 per cent fall in full year profit after making $404 million in writedowns on its SPC Ardmona fruit and vegetable processing business.
CCA reported a net profit of $79.9 million for the year to December 31, 2013, down from $457.8 million a year earlier.
Before the SPC Ardmona writedown is taken into account, the soft drink bottler’s after-tax profit was $502.8 million.
The write-down included $277.0 million in goodwill write-off, $39.7 million write down in brand names, and a $87.3 million charge covering write downs in inventory and property, plant & equipment and recognitionof the diminution in value of some onerous contracts.
Trading revenue for the year was down 1.2 per cent to $5.04 billion.
CCA group managing director Terry Davis said SPC had been hit by cheap imported fruit and vegetables while local drink sales had also suffered.
‘‘The difficult trading conditions for the Australian beverage business in the grocery channel, combined with the impact on SPC Ardmona earnings from imported private label products and the significant slowdown in the PNG economy led to a reduction in earnings for 2013 of 6.9 per cent,’’ Mr Davis said in a statement.
Total revenue for the group was down 1.1 per cent to $5119 million.
The Victorian government last week announced a $22 million funding package for SPC after a similar funding call to the federal government was knocked back.
A man has been arrested and charged following an incident in Toolamba on Saturday morning where a firearm was allegedly discharged.
More than 2200 people have signed up to show their support for a campaign to have the green route chosen for the new Yarrawonga Mulwala bridge.
Members of Murchison Book Club are hosting a literary lunch with Vivien Achia, author of Marrying Italian — When Love is Not Enough.
Echuca police are disappointed with the behaviour of people across the Easter weekend, with a large amount of alcohol-fuelled violence reported.
Painter Ben Winspear and Scott Wileman will create new works as the public look on during the at Rochester Art Exhibition.
Kyabram Bombers have the chance to beat Rochester under light for the first time this Friday evening.
Lions star recruit had a tough introduction to the GVFL.
Tocumwal's Don Elgin is aiming to compete at the 2014 Commonwealth Games in Scotland
Eighty residents at a forum determined the Heathcote Community Plan was on track but need some fine tuning.
Cobram-based students host educational forum on crystal methamphetamine.
Senior state minister Adrian Piccoli reaquainted himself with Deniliquin yesterday, leaving Deniliquin Counil hopeful it has an ally in him.
With his blue eyes and snow-coloured coat, Nanneella horse Sinatra has looks worthy of a fairytale.
Fourteen-year-old Benalla girl Jaimee Linke will launch her debut novel next month.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.