March 20, 2018 / 10:48 PM / a month ago

Australia's Myer posts first ever H1 loss

March 21 (Reuters) - Australia’s biggest department store chain Myer Holdings on Wednesday posted its worst first-half result since listing as it wrote down the value of its assets due to weak sales in its busiest period.

Net loss was A$476.2 million ($365.96 million) for the six months to Jan. 27, from a profit of A$62.8 million a year earlier.

The result includes a non-cash impairment charge of A$500.2 million, and the company said that without one-off items its underlying half-yearly profit came in at A$40.1 million, its worst underlying interim result since its 2009 listing.

$1 = 1.3012 Australian dollars Reporting by Aditya Soni in Bengaluru Editing Byron Kaye

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