NZ shares down as A2 Milk sheds $600m
The S&P/NZX 50 Index fell 152.99 points, or 1.1%, to 13,051.62.16. Turnover was $302m.
Infant formula exporter A2 Milk today reported steep declines in annual revenue and profit, while warning it didn’t see a recovery in the immediate future.
Shares in the company dropped 11.3% to $6.34 as investors reacted to the 30% revenue decline, which put revenue at the low end of its thrice downgraded guidance, and a net profit down almost 80% at $80.7m.
A research analyst at Harbour Asset Management, Oyvinn Rimer, said it was likely the research houses would be downgrading their forecasts after this update.
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