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PEL makes sharp loss

PROGRESSIVE ENTERPRISES made a sharp loss for the year to June 2009, hurt by the fall in value of its stake in The Warehouse, Woolworths Australia has reported.

Woolworths says there was a loss of $53.4 million after the $86m hit as a result of the fall in the value of The Warehouse Group.

But revenue at PEL rose to $4.97 billion, although the cost of sales was also up.

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