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Article: LION NATHAN TO FOCUS ON PREMIUM WINES.
- Article from:
- AsiaPulse News
- Article date:
- October 18, 2004
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MELBOURNE, Oct 18 Asia Pulse - Trans-Tasman beverages group Lion Nathan Ltd (ASX:LNN) will concentrate on the premium end of its wine business after making A$112 million (US$81 million) in writedowns today, including $72 million mostly on its Australian wine operations.
Lion Nathan said the writedowns, which follow a review of the carrying value of the company's wine business and other assets, would wipe more than $42 million off its 2003/04 net profit.
"The impact of these one-off items, when added to the $104.1 million post-tax gain on the sale of Lion Nathan China and the .2 million post-tax loss on the sale of Victorian hotels, will be to reduce ...