Pact Group, the packaging company headed by Rich Lister Raphael Geminder, has written down the value of some of its assets by up to $340 million and warned that tough conditions were continuing.

Mr Geminder said on Tuesday that Pact had reviewed the carrying value of its assets and would book non-cash impairment charges of between $310 million to $340 million in its first-half profits, which will be announced on February 20. The impairment charges were a reflection of what he said were "challenging" trading conditions and a pullback in long-term growth assumptions for the Australian businesses.