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Tesco logs £40m annual net loss on accounting scandal
[LONDON] Supermarket giant Tesco revealed Wednesday that it fell into an annual net loss of £40 million (S$70 million) due to a costly accounting scandal at Britain's biggest retailer.
The 2016/2017 after-tax loss, skewed by an exceptional charge of £235 million in costs arising from the scandal, contrasted with a net profit of £138 million in the previous financial year, Tesco said in a statement.