Seek (ASX:SEK) has today announced its unaudited financial year 18 results will be at the top end of its guidance range.
The online employment platform‘s reported net profit will fall within a range of $225 to $230 million before deducting investments in early stage growth options of $25 to $30 million.
The company will also recognize a non-cash impairment charge of $178 million against the carrying value of Brazil online and OCC (Mexico).
The company says it’s unfortunate that it has to reduce carrying the value of it’s Brasil Online and OCC businesses. Despite disappointing performance Seek is committed to these markets.
Seek also disclosed a non-cash fair value gain of $36 million on investment in Maimai.
Shares in Seek (ASX:SEK) are trading is trading 9.03 per cent lower to $19.94