Autobacs Moves to Sell Loss-Making French Chain for One Euro, Lifts Profit Forecast 24%
The retailer's board resolved to hand AUTOBACS FRANCE, which lost €4.9mn on €44.7mn in sales last year, to Munich's FairCap Holding 12 GmbH for a nominal euro, and the accounting fallout, a ¥4.5bn deferred-tax benefit against a ¥2.3bn restructuring charge, raises the parent's net-profit forecast to ¥11.2bn while leaving sales and operating-profit guidance flat.