Australia's SEEK slips after flagging impairment hit from China investment

SEEK

25/07/2024 03:52

** Shares of SEEK  SEK.AX  slip as much as 5.1% to A$19.50,
hitting their lowest since mid-July 
    ** Stock down for an eighth straight session 
    ** Employment services firm says it will take A$141 mln
($92.41 mln) impairment charge in FY24 results regarding its
investment in Chinese recruitment services producer Zhaopin   
    ** After impairment, co's adjusted NPAT will be impacted by
lower share of earnings from Zhaopin of about A$5 mln relative
to FY2023 
    ** Stock had fallen ~23.2% this year, as of last close

($1 = 1.5258 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))