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UPDATE 1-Tabcorp expects lower annual profit, up to $786 mln impairment from virus

(Adds details on impairment, company comment)

Aug 3 (Reuters) - Australia’s Tabcorp Holdings on Monday forecast a one-third drop in annual profit and said it will book a A$1 billion to A$1.10 billion ($714 million to $786 million) impairment charge as the coronavirus crisis batters demand.

Measures to contain the spread of the coronavirus have led to the closure of hotels, clubs and betting shops and cancellation of sports events, crippling operations of gambling companies.

The impairment charge relates to the company’s Wagering & Media and Gaming Services businesses, which include fixed odds betting and retail wagering networks among others.

“We are facing into a challenging and uncertain environment, and the current operating conditions and those expected into the future are relevant factors in assessing the value of the goodwill in those businesses at this time,” chief executive David Attenborough said in a statement.

The gambling and entertainment firm said it expects net profit after tax of A$267 million to A$273 million for the year ended June 30, down from A$396 million a year earlier.

The company will report full-year results on Aug. 19.

$1 = 1.4000 Australian dollars Reporting by A K Pranav in Bengaluru; Editing by Jacqueline Wong

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