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Australia's Wesfarmers signals $1.6 bln hit on Target, coal
May 24, 2016 / 11:31 PM / a year ago

Australia's Wesfarmers signals $1.6 bln hit on Target, coal

SYDNEY, May 25 (Reuters) - Australian diversified conglomerate Wesfarmers Ltd said it will take impairment charges totalling up to A$2.2 billion ($1.6 billion) in fiscal 2016, citing weak coal prices and difficult market conditions at discount department store Target.

The Sydney-listed company said it will take a non-cash impairment charge of between A$1.1 billion and A$1.3 billion before tax on its Target business and a non-cash, pre-tax charge of between A$600 million and A$850 million on its Curragh coal business. ($1 = 1.3906 Australian dollars) (Reporting by Byron Kaye; Editing by Stephen Coates)

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