Wellard widens loss on weak Asian demand – Australia News


Cattle exporter Wellard has deepened its full-year loss more than threefold with record high prices for livestock in Australia hitting demand from Asia.

Wellard, which listed on the ASX in December 2015, said it made a $77 million loss in 2016-17 compared with a $23.3 million loss the previous year when it missed its $9 million net profit prospectus forecast.

Revenue for the 2016-17 financial year fell 13 per cent to $498 million, due to reduced orders from customers in Indonesia and Vietnam, increased competition from cheaper frozen meat, and lower-than-expected volumes from developing markets. 

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