Australia's Duxton Farms slumps on disappointing FY23 earnings view

Duxton Farms

16/11/2022 04:43

** Shares of agricultural enterprise Duxton Farms  DBF.AX 
fall as much as 6.1% to A$1.475, their lowest since Sept. 7,
2021
    ** Co expects FY23 revenue to halve to about A$8 mln ($5.39
mln) and record a net loss of A$6.2 mln due to the impact of
recent floods in New South Wales 
    ** DBF says its total winter harvest will be reduced by
between 60% and 80%, and it has been unable to get machinery
onto its fields to plant a summer crop
    ** Shares on track for worst day since March 31
    ** Stock up 3.6% this year, as of last close
($1 = 1.4846 Australian dollars)
 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com))