Hong Kong (CNN Business) One of Australia's biggest wholesalers is counting the costs of losing a major deal with 7-Eleven. Metcash on Tuesday reported a writedown of 237.4 million Australian dollars ($162.5 million), just weeks after it disclosed the end of its supplier agreement with the convenience store chain. In addition, the split will likely lead to a loss in operating profit of roughly 15 million Australian dollars ($10.3 million) this year, after accounting for cost savings, the company said. Metcash shares dropped 1.4% Tuesday afternoon in Sydney. About 800 million Australian dollars ($547.6 million) of Metcash's annual sales come from 7-Eleven, mainly through the supply of tobacco products.

Source: CNN December 03, 2019 07:52 UTC