Toll Holdings Limited (ASX:TOL) has announced an impairment cost of $200 million amid difficult market conditions.
The logistics company reconfirmed its full year group operating earnings guidance despite deteriorating market conditions in the second half leading to the impairment call.
Toll says the global forwarding environment has resulted in reduced growth, and the impairment is reflective of uncertainty over the timing and extent of any recovery.
But Toll has trumpeted the benefits of its diversified earnings base, saying its second half earnings are set to be slightly higher than the same period last year.
Toll Holdings posted a $195.5 Million net profit in the first half of the current financial year.
TOL Price at posting:
$5.30 Sentiment: None Disclosure: Held
