Rural services company Elders expects to report a loss of more than $500 million for its recently concluded fiscal year.
The company is due to release its full year results on November 18 but has warned it expects to post a net loss in the order of $510 million for the year to September 30.
"It is now clear that there will be a number of impairments, particularly to intangibles and the de-recognition of tax assets and other non-recurring items," Elders said in a statement on Monday.
Even before those one-off financial items, Elders had expected to post a loss of $303 million.
Elders shares dropped two cents, or 14.8 per cent, to 11.5 cents.
The company also said it had yet to quantify the extent of the loss that will be incurred from irregularities it uncovered in its International Trading businesses, but expects that to be finalised before its financial results are announced.
In October the company said it expected a discrepancy in the valuation of cattle in its live export division to cost it about $18 million.
Elders has previously announced plans to axe about 150 jobs, or 10 per cent of its workforce, as it reorganises its rural services operations and reduces debt.
The company is aiming to cut its operating costs by more than $25 million from April 2014, and has sold its Futuris automotive interiors business to reduce its debt levels.
Share
