Kraft Heinz writes down more than $1bn as first-half revenue slumps
The packaged food maker has written down the value of several units with results delayed by an investigation into its procurement practices
08 August 2019 - 15:55
Bengaluru — Kraft Heinz’s net income halved in the first six months of the year, the packaged food maker said on Thursday as it wrote down the value of several business units by more than $1bn in results delayed by an internal investigation into procurement practices.
The company took a charge of about $744m on its US refrigerated, Latin American exports, and Brazil units among others, blaming lower five-year operating forecasts. It also booked an impairment charge of about $474m in the second quarter to write down the value of six brands, including cheese product Velveeta and Cool Whip...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.