Australia's Inghams drops as Omicron variant disrupts earnings in early H2

Inghams

17/02/2022 23:57

** Shares of Inghams Group Ltd  ING.AX  drop as much as 3.7%
to A$3.4, their lowest since Feb 3 
    ** The poultry producer says underlying net profit after tax
and EBITDA in first seven weeks of H2 were A$24 mln ($17.25 mln)
and A$35 mln, lower than year-ago numbers, hurt by impact of the
Omicron coronavirus variant
    ** Omicron has impacted co more severely than previous
COVID-19 variants, with extensive staff shortages experienced at
all major locations - Inghams 
    ** Jefferies says ING's earnings in first 7 weeks of H2
would imply underlying NPAT of A$65 mln for FY22, 29% lower than
consensus estimate compiled by Visible Alpha
    ** ING, however, reported H1 underlying NPAT of A$39.7 mln
($28.54 mln), up 5.9% from a year earlier 
    ** Stock up 1% this year, as of last close

     ($1 = 1.3912 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))