Brief: Steel & Tube Holdings Sees Normalised EBIT Of NZ$16 Mln For FY

Steel & Tube Holdings

22/05/2018 22:06

May 23 (Reuters) - Steel & Tube Holdings Ltd  STU.NZ :
    * EXPECTS NORMALISED EBIT OF APPROXIMATELY NZ$16 MILLION FOR
FY
    * SEES FY EBIT LOSS OF ABOUT NZ$38 MILLION
    * MANAGEMENT EXPECTING NET WRITE-DOWN OF UP TO NZ$12 MILLION
ON
EXIT FROM S&T PLASTICS
    * DETERMINED TO EXIT FROM S&T PLASTICS BUSINESS AND SALE OF
ITS
ASSETS
    * HAVE UNDERTAKEN A PRELIMINARY REVIEW OF CARRYING VALUE OF
INTANGIBLE ASSETS, IMPAIRMENT OF UP TO NZ$10 MILLION IS LIKELY
    * AS RESULT OF WRITE DOWNS AND IMPAIRMENTS, FY18 FORECAST
EARNINGS
EXPECTED TO RESULT IN BREACH OF COVENANTS IN SENIOR DEBT
FACILITIES
    * MANAGEMENT IS SEEKING A WAIVER FROM ITS BANKING PARTNERS
FOR ANY
COVENANT BREACH

Source text for Eikon:  ID:nNZW3FHcM3 
Further company coverage:  STU.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))