Australia's health company API feels impact of floods

15:44, January 18, 2011      

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Australia's leading health and beauty company Australian Pharmaceutical Industries Ltd (API), owner of the Priceline retail chain, said on Tuesday the floods in Queensland would have a "significant" impact on the company's 2011 full year result.

API said it would take six months to repair damage at the company's Ipswich distribution center in Queensland, after floodwaters two meters high caused significant stock and equipment damage.

"Despite a more than satisfactory Christmas trading period, calendar year 2011 has not started the way we would have liked," API chairman Peter Robinson told investors at the company's annual general meeting in Sydney.

Robinson said the company had insurance in respect of inventory, assets and business interruption.

"Taken together, these real and potential economic regulatory and structural changes, coupled with our challenges in Queensland, may impact our 2011 full year result," he said.

"The final impact is still to be established, but it will be significant," Chief executive Stephen Roche said.

Source: Xinhua
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