some comments from Fletcher Building result this morning that may be of interest to REH holders. The write-down in value of FBU's Tradelink business is old news, but it also had some comments, which are optimistic in tone, about the performance of, and investment in, that business.
"Fletcher Building also confirmed an impairment charge of $222 million for its Tradelink and Iplex Australia businesses, representing approximately 3% of the group’s total assets as at 30 June 2017. The impairment will be reported below the EBIT line and have no impact on cash earnings.
“In taking these impairments we are addressing the gap between the balance sheet carrying values of Tradelink and Iplex Australia and their near to medium term profitability in a tightening Australian economy.
“Despite these charges both businesses are progressing well against their turnaround strategies. Tradelink has opened 20 new stores in FY17, improved its customer proposition and taken market share, while Iplex Australia has returned to profitability for the first time since 2014.”
Discl: I hold neither FBU nor REH.
REH moat, page-86
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$24.38 |
Change
0.660(2.78%) |
Mkt cap ! $18.39B | |||
| Open | High | Low | Value | Volume |
| $24.09 | $24.38 | $23.83 | $11.28M | 464.6K |
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| No. | Vol. | Price($) |
|---|---|---|
| 4 | 11498 | $24.37 |
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| Price($) | Vol. | No. |
|---|---|---|
| $24.43 | 1975 | 3 |
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