KPMG profits fall 98 per cent

That's not too good...

That's not too good...

KPMG Consulting has reported disappointing fourth quarter results as profits dropped 98 per cent. The IT consulting company blamed the slump in technology spending and a one time charge of $23.7m. The charge included a write-off of $3m for software licences it couldn't sell and an additional $16m in various investments such as technology companies which failed to take off. Randolph Blazer, CEO at KPMG Consulting, said cost cutting measures and international growth would help redress the balance.