Navman write-down hurts Brunswick

US company takes a hit from its New Zealand technology investment

US leisure and boating products company Brunswick Corporation has reported drastically reduced earnings for the fourth quarter of 2006, partly due to a write down of the value of Navman.

Brunswick reported earnings from continuing operations declined from US$83.7 million to US$44.2 million. However, earnings from discontinued operations declined from a profit of US$4.6 million to a net loss of US$97.4 million, including a $US85.6 million asset impairment expense relating to Navman.

From all operations Brunswick reported a net loss for the quarter of US$53.2 million.

Brunswick is seeking buyers for the unit as part of a company-wide restructuring.

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