Coats sinks into the red in first half on writedown on sale of EMEA crafts business

Mon, 03 Aug 2015

By Paul McBeth Aug. 4 (BusinessDesk) - Coats Group, the company that grew out of diversified investor Guinness Peat Group, turned to a first-half loss after a writedown on the sale of its unprofitable EMEA crafts business. The UK-based threadmaker reported a loss of US$48.1 million, or 3.42 cents per share, in the six months ended June 30, compared to a profit of US$15 million, or 1.06 cents, a year earlier, it said in a statement. That included a US$46 million writedown on the value of the EMEA crafts business and a US$6.2 million tradin...

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