AU: Metcash profits to take a dive
The grocery wholesaler's shares entered a trading halt on Friday ahead of finalisation of the charges.
"A trading halt is requested pending a board meeting on Monday April 2th to consider management recommendations which, if agreed to by the board, could result in impairment charges,'' Metcash said in a statement today.
An announcement on the charges is expected after the board meeting.
Metcash posted a profit of $94.4 million in the six months to September, 2011.
It had forecast earnings per share for its full year, which ends on March 31, to grow by low- to mid-single digits.
Metcash bought 80 Franklins stores for $215 million in 2011, and is in the process of selling the supermarkets to independent retailers.
Source: www.news.com.au
