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Writedowns Sour Danisco's Finances

3:09 AM MDT | March 19, 2009 | Alex Scott

Food ingredients giant Danisco has reported a loss of DK698 million ($123 million) for the company’s fiscal third quarter ended January 31. Corresponding sales were up 4% to DK3.1 billion. Danisco blamed its losses on special item costs of DK700 million from previously disclosed impairment charges and asset writedowns, and costs of an additional DK143 million from discontinued business. The company’s third quarter Ebit before bio chemical projects, share-based payments and special items was DK219 million, down from DK336 million for the same period...

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