Aug 3 (Reuters) - Australia's Tabcorp Holdings on
Monday forecast a one-third drop in annual profit and said it
will book a A$1 billion to A$1.10 billion ($714 million to $786
million) impairment charge as the coronavirus crisis batters
Measures to contain the spread of the coronavirus have led
to the closure of hotels, clubs and betting shops and
cancellation of sports events, crippling operations of gambling
The impairment charge relates to the company's Wagering &
Media and Gaming Services businesses, which include fixed odds
betting and retail wagering networks among others.
"We are facing into a challenging and uncertain environment,
and the current operating conditions and those expected into the
future are relevant factors in assessing the value of the
goodwill in those businesses at this time," chief executive
David Attenborough said in a statement.
The gambling and entertainment firm said it expects net
profit after tax of A$267 million to A$273 million for the year
ended June 30, down from A$396 million a year earlier.
The company will report full-year results on Aug. 19.
($1 = 1.4000 Australian dollars)
(Reporting by A K Pranav in Bengaluru; Editing by Jacqueline