Metcash Limited
(ASX:MTS) won’t declare a final dividend in 2015 and has projected no dividend for 2016 as well.
The food wholesaler has also flagged an asset write-down of $640 million after a major year-end review that puts net assets in excess of $1.15 billion after the impairments.
Despite the write-down the company has confirmed its underlying EBIT for FY15 to be in the range of $315 to $330 million.
CEO Ian Morrice says the group has made progress with its strategic priorities but says the food and grocery pillar is increasingly competitive.
He says the capital management initiatives aim to provide a foundation as a base for its strategic objectives.
Metcash reported a net profit of $102 million in the first half of the 2015 financial year.
