Wrightson's first water services loss in five years included $1M irrigation product impairment

Wed, 09 Aug 2017

By Jonathan Underhill Aug. 9 (BusinessDesk) - PGG Wrightson recorded the first loss from its water services business in five years after taking a write-down of about $1 million on its irrigation products, says Kar Yue Yeo, an analyst at First NZ Capital. The company's water business is now grouped with its retail operations and as a group recorded a second-half loss of about $1.5 million on an earnings before interest and tax basis. That was below Yeo's forecast of $500,000 ebit and also reflected weaker-than-expected market conditions an...

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