MELBOURNE, Australia (Aug. 17)—Disappointing results from the Ansell gloves and condoms and South Pacific Tyres businesses left Pacific Dunlop Ltd.´s pre-tax fiscal 2000 profits 29.5 percent below the 1999 level. The net result was a loss of $54.4 million, due primarily to extraordinary charges taken to cover divestitures and restructuring. Of the two struggling businesses, South Pacific Tyres saw operating profits slump 77.1 percent to $10.4 million, while sales slipped 2.1 percent to $659.3 million. Pacific Dunlop CEO Rod Chadwick blamed the "very poor result" on rising cheap imports from Asia. The Ansell health care business suffered a 20.6 percent decline in operating profits to $84.6 million, while sales were off 1 percent to $737.5 million.
Pacific Dunlop earnings plummet
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