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.
To read more, please Login or Register below
Sign up here for free access to 7 articles per month + twice daily business email alerts.
Problems, questions, feedback? Please call +61 8 9288 2100
click here to read the rest of this story