Telectronics dents Pacific Dunlop's first half
This article was originally published in Clinica
Pacific Dunlop took an Aus$74 million ($56 million) charge in its first half arising from the suspension of Telectronics Pacing Systems' sales in the US. In the six months to December, this and charges from other parts of the Australian group were offset by net gains of Aus$115 million which came largely from the flotation of bionic ear subsidiary Cochlear. Pacific Dunlop expects continued losses at Telectronics in the second half of fiscal 1996 which will no longer be offset by gains.