News: Madman pushes Funtastic to H1 loss

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Funtastic Limited (ASX:FUN) has sunk to a first half loss after taking a $24.2 million write-down on its home entertainment distribution Madman business. 

The toy manufacturer booked a net loss of almost $26 million in the first half of the 2014 financial year from a profit of $9.3 million the same time a year before. 

Earlier this month Funtastic warned its earnings will fall due to higher business costs, a weaker exchange rate and a poor performance from some of its key brands.

Looking ahead Managing Director Stewart Downs says he remains confident the company will see an improvement in its second half performance. 

Funtastic has forecast full year earnings before interest, tax, depreciation and amortisation will reach between $19 to $23 million.