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Australia's CVC lowers fiscal-year net profit guidance

Australia's CVC Ltd. lowered its net profit guidance for the fiscal year ended June 30 to approximately A$1 million.

The diversified investment company revised its guidance after its review of investments found that the carrying value of certain investments has been impaired. The company previously expected a net profit of between A$10 million to A$13 million for the fiscal year.

For the fiscal year ended June 30, 2018, the company had posted a net profit after tax of A$27.1 million.

CVC said it will not provide guidance for the fiscal year ending June 30, 2020, but it expects it will be less than prior years.