January 13, 2019 / 10:00 PM / 4 days ago

Australia's Wesfarmers flags $1.7 bln gain on Coles spinoff

Jan 14 (Reuters) - Australian conglomerate Wesfarmers Ltd said it was likely to record a gain of about A$2.10 billion to A$2.30 billion ($1.51 billion-$1.66 billion) in the first half on account of the demerger of the supermarket division Coles Group.

Wesfarmers spun off Coles in November, Australia’s second-biggest grocery chain, after deciding to pursue higher-growth investments.

Wesfarmers also expects to post a pre-tax gain of A$670 million to A$680 million on disposal of its stake in the Bengalla coal mine, it said in a statement. ($1 = 1.3872 Australian dollars) (Reporting by Aditya Soni in Bengaluru; Editing by Kevin Liffey)

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