SEK 0.90% $26.55 seek limited

News: SEK UPDATE 1-Australian jobs portal Seek flags $132 mln impairment for FY18

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    Aug 6 (Reuters) - Shares of Seek Ltd (SEK) flagged an impairment charge of about A$178 million ($131.7 million) from the company's Brazil and Mexico operations for the 2018 fiscal year, sending its shares to a more than three-month low.

    The Australian job classifieds portal said it now expected core earnings growth in the range of 5-8 percent in fiscal 2019, compared with a growth estimate of 15 percent in fiscal 2018.

    It said it expected revenue and core earnings for fiscal 2018 in the upper end of its earlier guidance.

    The assets being impaired were due to deterioration in economic conditions, political uncertainty, competitive intensity and operational issues, the company said in a statement.

    In February this year, Seek posted a flat half-year underlying profit, hit by a rise in operating expenses.

    Seek shares were nearly 9 percent lower by 0133 GMT, while the broader Australian market (xjo) was up 0.5 percent.

    The company will report full-year earnings on Aug. 15. ($1 = 1.3521 Australian dollars)

 
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