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Seek Limitedâs (ASX:SEK) stock tumbled 8.85 per cent on August 06, 2018 after the release of the FY18 update in which the company recognized the net impact of three key significant items of $142 million. This impairment includes a non-cash impairment charge of $119 Mn against the carrying value of Brasil Online, an impairment charge of $59 million against OCC (Mexico), and non-cash fair value gain of $36 million on investment in Maimai. Moreover, the company will also recognize a non-cash impairment charge of $178 million against the carrying value of Brasil Online (Brazil) and OCC (Mexico) for FY18 results due to macroeconomic condition that comprises of political uncertainty, intense competition, operational issues in education, etc.
[optin-monster-shortcode id="wxhmli4jjedneglg1trq"]According to the management, it is unfortunate that the group have had to reduce the carrying value of Brasil Online and OCC. As a result, the performance has been disappointing, yet the company remains to turn around performance in years ahead at the back of improving economic conditions, resourcing under the AP&A structure over the time.
However, the company expects its revenue growth of 24 per cent as compared to the prior guidance in the range of 20% to 25% for FY18. EBITDA to be around 15 per cent for the full year as compared to the prior guidance in between 14 per cent and 15 per cent. Further, the groupâs NPAT before deducting investments in early-stage growth options of $30 million is anticipated to be around $230 million for FY18 which is broadly similar to the prior guidance.
Seek Limited traded at a market price of $19.98 with the market capitalization of circa $7.7 Bn (AEST: 02:30 P.M.)
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