AUS: Asset write-down at packaged fruit firm SPC Ardmona
Coca-Cola Amatil, the owner of Australian packaged fruit firm SPC Ardmona, has announced a "significant" write-down of assets and goodwill at the business.
The Coke bottler today (19 February) reported a fall in annual profits due to A$98m (US$101.4m) in charges from inventory write-downs and restructuring costs at SPC Ardmona.
Profits from the unit fell in the 12 months to the end of December. Coca-Cola Amatil did not provide a figure. However, it said industry and macro factors were hitting the business.
"The strong Australian dollar continued to impact SPC Ardmona's competitiveness against cheap, lower-quality imported brands and retailer private-label categories in Australia, while a 20% deflation in fresh fruit prices also resulted in a shift from packaged to fresh fruit," Coca-Cola Amatil said.
The company said it was "consolidating" its fresh fruit manufacturing into its site in Shepparton and "restructuring" its international business. It did not provide further details.
- Mondelez results and outlook - 7 things to learn
- Comment: Hain Celestial cognisant of US challenges
- Talking shop: Wal-Mart overhaul, Lidl's US charge
- Can dairy-free Flora lift Unilever spreads sales?
- Can Yildiz's new snacks unit match its ambitions?
- Mondelez continues to see margins up, sales mixed
- Unilever launches dairy-free Ben & Jerry's in US
- Arla eyes job cuts as part of 2020 growth push
- Premier Foods launches "first" American wet sauces
- Lactalis invests in Georgian dairy Sante