writedown

Construction and maintenance company Transfield (ASX:TSE) have announced writedowns ahead of its half year results next week.

• Transfield Services have announced an impairment of between $270 million and $285 million in relation to its asternwell Minerals exploration and marine geotechnical businesses, as well as its US downstream maintenance business, Timec.

Australian steel producer, Arrium (ASX:ARI) has written down $474 million on its steel division.

• $474 million impairment charge against its steel manufacturing division and in particular its Australian Tube Mills unit where its goodwill was written down to zero, "as it does not expect to realise this value on a sale of the business."
• Remaining goodwill is down to $120 million.

Australian woodchipper, Gunns Limited (ASX:GNS) have released a statement to the stock exchange announcing that it will book an impairment of $700 to $800 million for some of its forestry related assets (including: Tasmanian land and plantation estate, its interests in managed investment schemes (MIS) and the development costs associated with the pulp mill project) for the 2011/2012 financial year to end of June.

Construction company, Leighton Holdings (ASX:LEI) have revealed a downgrade in net profit of 23 percent. The company has been unexpected writedown of $85 million from delays and cost overruns for the Brisbane Airport Link project and a reduction of profits from its Macmahon investment. Leighton told analysts yesterday that the $85 million writedown on the Airport Link project would reach $120 million in the 2011 financial year.

Drugmaker, Sigma Pharmaceuticals (ASX:SIP) have seen their shares fall after the company announced that it expected a $270 million impairment charge on the sale of its pharmaceutical division might affect its current loan facilities. This announcement follows a decision last month to sell the business for less than its book value. The writedown is unlikely to stop the sale of the business to South Africa's Aspen Pharmacare for $900m.