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

Published 25/05/2017, 08:35 am
© Reuters.  BRIEF-Automotive Holdings says will close a number of non performing businesses
AHG
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May 25 (Reuters) - Automotive Holdings Group Ltd AHG.AX

* 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 pretax savings of circa $10m per annum and result in restructuring costs of circa $35m"

* Majority of these costs are noncash 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: AHG.AX

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