Australian brewer Lion Nathan Ltd this morning said write downs on its wine business and other assets would see its full year result reduced by A$42.6 million ($45.83 million).
The company said it had decided it was appropriate to reduce the carrying value of its Australian wine business and its inventory,and to write down certain investments and write off some obsolete beer production assets.
The impact of the one-off items when added to the A$104.1 million post tax gain on the sale of Lion Nathan China and the A$34.2 million post tax loss on the sale of Victorian hotels, would be to reduce reported net profit after tax (npat) for the 2004 fiscal year by $42.6 million, the company said in a statement to the NZX.
Lion Nathan said last month it had sold its China business for A$154 million.
The company said it now expected to post net profit after tax for the current year of about A$160 million after significant items.
Lion Nathan, 46 per cent-owned by Japan's Kirin Brewery, is due to report its full year result on November 4.
The company's shares last traded at A$7.73 on Friday in Australia.
