Australia's Farm Pride Foods hits over 3-year low on bleak H1 outlook

Farm Pride Foods

16/01/2019 24:08

** Manufacturer of egg products Farm Pride Foods  FRM.AX 
falls as much as 2.6 pct to A$0.75, its lowest since Nov 27,
2015 
    ** Co said on Tuesday it expects first half 2019 EBITDA to
be in the range of A$500,000 to A$600,000, down from EBITDA of
A$4.1 mln in H1 2018  urn:newsml:reuters.com:*:nASXcf19CP
    ** HY profitability has been affected by drought and
national oversupply of eggs - Farm Pride 
    ** Co said it does not see any relief in the oversupply and
expects current grain pricing to remain until H1 2020
    ** Stock posts biggest intraday pct fall since Dec 18, 2018
    ** About 22,000 shares change hands, compared with the
30-day average volume of 12,955 shares    

 ((Anushka.Trivedi@thomsonreuters.com ; +918067491413; Reuters
Messaging: anushka.trivedi.thomsonreuters.com@reuters.net))