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.
On-field medical emergency at Vibert Reserve highlights need for each club to have a defibrillator.
Local football talent Dan Howe played well in his first game for reigning AFL premiership club Hawthorn last Thursday night.
A mighty cheer may soon be heard down Merrigum way; the town has officially saved its post office.
Campaspe’s top cop will recommend a new roster trial, which sees Echuca police cover outlying towns for up to 16 hours a day, become permanent practice.
New point-of-sale technology has been installed at three post offices across the district which has seen sales as much as triple in some stores.
Elusive small man re-signs with club
Owners walk dogs through Seymour to counter some misconceptions abiout the breed after devastating Four Corners program.
The NSW Coalition government will not waver in its approach to the Murray-Darling Basin Plan
Hot on the heels of the inaugural Heathcote Community Games, organisers have thanked the community for its effort in making the first games a success.
Cobram bus users and the bus operator are pushing for more services, more often.
A court case site visit has lead to the brief closure of the Cobb Highway at Mathoura.
Fruit Growers Victoria plans to give fruit growers in Victoria more on-farm support as a result of its organisational restructure.
In a joint operatin between Police and VicRoads, truck drivers were stopped on the Hume Highway with 12 vehicles issued with defect notices.
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.