Harvey Norman Set To Lose Up To $50M In Ireland

Harvey Norman, who hours after arch rival JB Hi Fi reported record profits, announced to the ASX that more than $41 million was missing from their original financial forecasts, has now reported that their Irish operation is still making losses.

Harvey Norman, who hours after arch rival JB Hi Fi reported record profits, announced to the ASX that more than $41 million was missing from their original financial forecasts, has now reported that their Irish operation is still making losses.

In their amended ASX filing Harvey Norman has forecast an estimated loss from its Irish business of between $35 and A$50 million.

“It’s going to be somewhere between A$35 million and A$50 million,” chairman Gerry Harvey said in a telephone interview with the Irish Times. “Ireland is very, very difficult.” He said.

Harvey Norman is facing their second straight year of losses from their 14 store Irish operation.

Meanwhile journalist Patrick Avenell of Current has been seriously embarrassed after he approached Harvey Norman to comment on what he perceived was money missing from the Company, as opposed to profits missing from a financial report made to the ASX.