API writes off $131m in non-cash assets

Pharmacy wholesaler, API, will write-off $131 million – including $52 million relating to pharmacy customers with long-term debts – when it announces its half year results later this month.

In a statement to the Australian Securities Exchange, API revealed that $44 million of the write down was “as a result of impairment modelling on store network growth rates” of the company’s Priceline banner group.

A further $20 million was associated with the “underperformance” of API’s CH2 joint venture, while another $15 million