Aussie Cobram Estate Olives hits record low on cut in 2023 output view

Cobram Estate Olives

14/06/2023 05:20

** Shares of Cobram Estate Olives Ltd  CBO.AX  fall as much
as 2.5% to hit a record low of A$1.180
    ** The olive oil producer and marketer flags 2023 crop could
be 20-25% below initial forecast 
    ** Now expects combined olive oil production of both
Australian groves to be in range of 12.6-13.2 mln litres
    ** Cites unusually cold and shorter growing season
delivering lower-than-average oil content in the fruit and
smaller fruit size
    ** Shares post their biggest intraday pct drop since June 7
    ** Stock on track to record a second consecutive session of
losses 
    ** CBO stock down ~17% YTD, as of last close 

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))