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.
The sky is the limit for Wanganui Year 12 VCAL student Leigh Polan, 18, who decided to create two posters examining birdlife around the school.
The under 16 Pigeons kick started the YFNC's finals campaign with a resounding victory over the Paul Spargo led Scots College in the Grand Final of the AWJFL Elwyn Langford Shield at the Albury Sports Ground on Sunday.
Greater Shepparton City Council was successful in securing the National Cutting Horse Association Victorian Futurity Cutting Horse Championships for 2014 and 2015, with this year’s event scheduled from September 10-14 at Tatura Park.
An ad for the Healthy Ageing Project will be filmed in Echuca, Rushworth and Rochester today.
More than $15,000 was raised at a family day on Sunday. The event was to raise money for the families of Barry Purtell and Dave Lobb.
Book Week gets colourful turnout.
Deaprtment of Environment and Primary Industries unhappy about Mt Disappointment vandals.
Jerilderie Shire deputy mayor Ruth McRae handed the key over for the new Rural Fire Service station last Friday.
Farmers have a new weapon in the fight against mice.
Cobram kids learn about health with hospital as state-wide obesity campaign is launched.
Murray Irrigation to search for new boss after Anthony Couroupis finishes with the company.
A few anxious customers were outside the closed gates of the failed Bee-Jay Machinery business on Goulburn Valley Hwy in Shepparton on Tuesday morning, wondering what would become of deposits they had paid for tractors and other machinery.
The Benalla Indian Myna Action Group will pay a $1 per bird bounty on live birds delivered to CAL farm. National Party MP Bill Sykes donated $100 to fund the bounty.
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.