Amid a game of chicken about who bears spiralling inflation costs, the smash repair giant has lost money and cut some contracts.
AMA, which on Tuesday revealed a $148 million full-year loss, has been trying to renegotiate contracts with insurers about repair charge rates.Insurers are a major customer base for AMA, which has 156 repair sites across Australia and New Zealand patching almost 280,000 vehicles a year. A major portion of contracts have been having repairs done at a fixed price.
The smash repair business said its “normalised” earnings before interest, tax, depreciation and amortisation came in at $21.8 million. The statutory loss included another massive $105 million impairment charge against goodwill of divisions such as Capital Smart. These forecasts contained assumptions including that “the adverse impacts experienced [last year] will ease, and AMA will continue to work closely and constructively with its major customers”, the accounts say.Transition year
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Anthony Joshua shows there's nowhere to hide amid the unravelling of a boxing dreamEmotion is the lifeblood of sport, but when it bubbles over as it did with Anthony Joshua after his split decision defeat to Oleksandr Usyk, there's truly nowhere to hide.
Read more »
Second Labor MP faces bullying claims amid preselection battleBullying claims against Bankstown MP Tania Mihailuk emerged on Tuesday just days after her upper house colleague Walt Secord announced he would quit politics at the March election following accusations of bad behaviour.
Read more »
Woolworths drops prices on 400 products amid cost of living crisisA trip to the supermarket on a budget can be nerve-wrenching, particularly with new research suggesting one in five people have had a purchase declined at the checkout.
Read more »
Woolworths drops prices on 400 products amid cost of living crisisA trip to the supermarket on a budget can be nerve-wrenching, particularly with new research suggesting one in five people have had a purchase declined at the checkout.
Read more »
Inquiry into Queensland police culture accepting more submissions amid fallout over officers' sexist remarksAn inquiry into Queensland police culture reopens the period for submissions after sexist comments allegedly made by two senior police officers are revealed.
Read more »
Thousands waiting months to see psychologists amid Australia's 'mental health crisis'Thousands of Australians have reported waiting more than three months to receive mental health care.
Read more »