Blackmores has scrapped its interim dividend and slashed its full-year profit guidance, blaming it on adverse costs and the coronavirus outbreak. 9News
The vitamin company has told shareholders it now expects a full-year net profit to be between $17 million and $21 million.
They reported a full-year net profit of $53 million, down 24 per cent on prior year, for the fiscal year ending June 30, 2019.Blackmores expect at least two to three months of challenges to its China sales and supply due to the coronavirus outbreak, the company says in an update to the market. But the result will also be affected by its transition to manufacturing in the second half, with about $13 million in adverse costs expected.
Considering the significant deterioration in the outlook for the second half, the board has decided not to pay an interim dividend to conserve cash for operations, Blackmores says. Chairman Brent Wallace says the board understands shareholders will be "bitterly disappointed" with the unsatisfactory results.
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