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Just Water to write off $18m on Aussie assets

Friday 14th May 2010

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NZX-listed water cooler supplier Just Water Limited is forecasting an $18 million trading loss for the current financial year, a sum matching an anticipated $18 million write-off on the value of its Australian business, which it is selling.

Just Water's chief executive Tony Falkenstein said the company's Australian business, Clearwater Filter Systems (Pty) Limited, is to be sold to an Australian-based investor, subject to completion of sale financing and documentation.

"Whether the sale proceeds or not, the board anticipates making a write down of approximately $18 million relating to the Australian operations at balance date."

For the financial year to June 30, the company is now forecasting a $20 million loss before tax, and an earnings before interest and tax loss of "about $18 million".

"Although the second half trading results for the group have improved, they are still well down on 2009," Falkenstein said in a statement to the NZX.

Just Water shares were quoted at 26 cents and untraded this morning, immediately after the announcement.

 

 

Businesswire.co.nz



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