Seek Limited (AU:SEK) has released an update.
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SEEK Limited has announced a significant impairment charge of A$141 million on its investment in Zhaopin, due to a slower than expected recovery of the Chinese economy and increased competition in the employment market. The impairment includes a A$120 million reduction in the value of SEEK’s equity accounted investment and a A$21 million decrease in net consideration receivable from Zhaopin’s previous sale. This write-down is expected to lower SEEK’s share of earnings from Zhaopin by approximately A$5 million compared to the previous fiscal year.
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