PGG Wrightson take $321M charge on goodwill, operating earnings drop on drought

Mon, 12 Aug 2013

Aug. 13 (BusinessDesk) - PGG Wrightson, the rural services company controlled by China’s Agria Corp, took a $321 million charge to write off goodwill from its 2005 merger while posting a decline in operating earnings in line with guidance on the effects of this year’s drought. The net loss was $306.5 million in the 12 months ended June 30, from a profit of $24.5 million a year earlier, the Christchurch-based company said in a statement. Sales fell 15 percent to $1.13 billion. Stripping out the impairment, net profit would have been $14.6 mill...

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