May 24, 2017 / 10:37 PM / 2 months ago

BRIEF-Automotive Holdings says will close a number of non‐ performing businesses

1 Min Read

May 25 (Reuters) - Automotive Holdings Group Ltd

* Asx alert-ahg fy2017 trading update-ahg.ax

* Expects to deliver a full year 2017 operating profit after tax in range of A$87m to A$89m

* Company has undertaken a cost reduction program and will close a number of non‐ performing businesses

* "These actions are expected to deliver pre‐tax savings of circa $10m per annum and result in restructuring costs of circa $35m"

* Majority of these costs are non‐cash and will be classified as unusual in nature and will therefore impact our statutory npat for FY2017

* Second half earnings in refrigerated logistics in FY2017 are expected to be significantly higher than corresponding period in FY2016

* "Tightening conditions in automotive market have been an increasing challenge in half"

* "Focus at moment is on making structural changes , and cost reduction will be a strong focus over near term" Source text for Eikon: Further company coverage:

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