Australia's Inghams hits over 3-month low on HY profit drop

Inghams

17/02/2023 24:43

** Shares of Inghams Group  ING.AX  fall as much as 7.3% to
A$2.55, hitting lowest since Nov. 8
    ** Poultry producer says HY profit after tax from ordinary
activities attributable fell to A$17.2 mln ($11.80 mln) from
A$38.4 mln a year earlier
    ** Stock posts its biggest intraday percentage drop since
Aug. 19
    ** ING says cost inflation was the reason for margin crunch
for co, including on feeds, fuel, packaging and other
ingredients
    ** Stock down 3.9% YTD, as of last close 
    ($1 = 1.4571 Australian dollars)
 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))