write-off

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write-off

Informal something damaged beyond repair, esp a car
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
References in periodicals archive ?
The bank said that it has lost billions in the fourth quarter because of a massive charge associated with a writedown of some investment banking operations.
By saying that "this does not reflect the reality of the company," he suggested the assessment was too high, a comment unlikely to calm investors concerned that the government appointed him to limit the political fallout from a writedown rather than clean out dead-wood in the company's accounts.
Shell expects to reveal writedowns of $700m (PS429m) for the fourth quarter and $2.7bn (PS1.7bn) for the full year relating to its upstream business when it posts annual results on January 30.
With writedowns stripped out, fourth quarter underlying earnings are now expected to almost halve to around PS1.8bn, with annual results 23% lower at around PS11.9bn.
Rio Tinto posted a $14 billion writedown in January on previous acquisitions of aluminium assets from Alcan in 2007 and coal projects in Mozambique.
Germany declined on Friday to rule out a writedown of Cypriot sovereign debt, saying instead that all options should be looked at to bring the Mediterranean island's debt down to sustainable levels.
France's No 3 bank missed third-quarter profit forecasts, even after stripping out the 3.6 billion euros of writedowns, including on investments in Greece, Italy and Spain.
In addition, the bank saw a 26.5% decline in net loan writedowns and provisions to EUR1.35bn.
Shuaa Capital doesn't expect major investment writedowns in the fourth quarter of 2011 and later in 2012, its chairman said.
The firm posted a pre-tax profit of pounds 19 million for the six months to January 31, up from a pounds 48.6 million loss the previous year when the housing slump meant it suffered large writedowns on the value of its land.
The firm, which has its regional head office in south Liverpool, posted a pre-tax profit of pounds 19m for the six months to January 31, up from a pounds 48.6m loss the previous year when the housing slump meant it suffered large writedowns on the value of its land.