Telstra To Book A$85M In Writedowns - Report
quicken.com
Updated: Monday, January 29, 2001 03:25 PM ET
MELBOURNE (Dow Jones)--Telstra Corp. (TLS, news, msgs), Australia's largest telecommunications concern, is expected to book more than A$85 million of writedowns stemming from its investments in Internet stocks Solution 6 Holdings Ltd. (A.SOH, news, msgs) and Sausage Software Ltd. (A.SAS, news, msgs) when it reports its half year earnings in six weeks, according to the Australian Financial Review.
Telstra, which will report on March 7, now considers that its remaining holdings in Solution 6 and Sausage Software have suffered a permanent loss of value and must be taken to account, the newspaper said Tuesday.
Telstra is expected to record underlying interim earnings before interest and tax of around A$3.4 billion.
The result will be Telstra's last before it finalizes its $1.8 billion alliance with Hong Kong-based Pacific Century Cyberworks Ltd. (H.PCW, news, msgs).
Telstra shares closed at A$7.19 Monday.
-By Veronica Brooks, Dow Jones Newswires; 613-9614-2663; veronica.brooks@dowjones.com |
