23 Aug 2011

Asset writedown worse than expected

6:51 am on 23 August 2011

Transpacific Industries says an expected writedown of assets is worse than previously estimated.

The company, which owns Waste Management in New Zealand, now expects to make writedowns of $A347 million, compared with a previous estimate of between $A230.5 - $A255.5 million.

The company says the larger amount is due to higher than expected losses in its manufacturing division.

More than half the losses come from its New Zealand division because of difficulties facing the economy and the earthquakes in Christchurch.

But Transpacific says gross earnings to rise about 6% on the previous year.