Cardno updates market on impacts of US tax cuts

Company News

by Jessica Ellerm

Cardno Limited (ASX:CDD) has advised that the passing of the Tax Cuts and Jobs Act by the US government is expected to reduce Cardno’s Deferred Tax Assets by the Australian dollar equivalent of US$28 million.

Deferred tax assets for FY17 were just over $142 million.

The business will reflect this tax cut as a reduction in deferred tax assets and associated charge to income tax expense.

The infrastructure business has indicated its preliminary view is that no other measure in either of the acts is expected to have a material financial impact on the company.

Shares in Cardno Limited (ASX:CDD) are trading 0.69 per cent higher at $1.47
 

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.