Transfield Services Infrastructure Fund
(ASX:TSI) says it expects to report a non cash impairment write-down of $80 million pre-tax when it announces its full year results on August 17.
The company says the write-down will reduce its reported net profit after tax for the year to June 30 by $60 million.
Following a comprehensive review of each of its assets, the board decided to write-down the carrying value of the Collinsville Power Station in Queensland.
Transfield says the revised value reflects a reassessment of the operating life beyond the existing power purchase agreement and the application of a higher discount rate.
The company says the impairment write-down will not affect its earnings before interest, tax, depreciation and amortisation or distribution guidance confirmed on June 18 2009 nor impact debt covenants.
Transfield Services Infrastructure Fund posted a profit in 2008 after a loss the year before.
