Australia's Inghams Group plunges on profit miss, weak poultry outlook

Inghams

23/08/2024 02:16

** Shares of poultry producer Inghams Group  ING.AX  drop as
much as 18.1% to A$3.170 - their lowest since mid-August, 2023
    ** ING set for worst day since August 2019, if current
losses hold
    ** Co sees FY25 core poultry volumes declining by 1% to 3%
    ** Says lower volumes expected due to phased introduction of
new Woolworths supply agreement and effects of cost-of-living
pressures on consumers
    ** Posts FY underlying NPAT of A$101.5 mln ($68.11 mln), 6%
below consensus estimate of A$107.8 mln
    ** Stock top loser in the ASX 200 benchmark index  .AXJO 
    ** Trading volume 4.3 times the 30-day average of 832,922
shares
    ** As of last close, stock down 2.3% YTD
    
($1 = 1.4903 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))