Business
Wesfarmers takes $500m Target hit as profits slide – Sydney Morning Herald
The conglomerate has seen its profits slide after writing down the value of its struggling discount department store chain and taking provisions for its restructuring.
The writedowns were partially offset by a $510 million gain on the company’s sale of Coles shares earlier this year, and by a revaluation of its retained 4.9 per cent stake in the supermarket chain, trimming the net total of significant costs weighing on Wesfarmers’ result to $435 million.
Taking into account Wesfarmers’ $3.1 billion gain from the Coles demerger and other asset sales, which occurred in the prior financial year and had massively inflated last year’s profit, statutory net income …
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