Australia's McPherson's hits 4-yr low on subdued profit forecast

McPherson's

01/11/2021 04:09

**Shares of health and beauty products maker McPherson's Ltd
 MCP.AX  down as much as 8.3% at A$0.885- marking its lowest
level since Nov. 2017 
    ** Co says underlying profit before tax in H122 is expected
to be in the range of A$0.4 mln- A$0.7 mln ($300,320-$525,560),
below A$7.1 mln secured in H121  urn:newsml:reuters.com:*:nASXbrsjkg
    ** Adds that sales of Dr. LeWinn's product in China is below
expectations, co does not expect any material profit
contribution from its trading in China 
    **Co to incur a one-off provision in the range of A$8 mln-
A$10 mln in relation to excess Dr.LeWinn's inventory acquired in
2019 and 2020
    ** MCP expects FY22 sales growth of 6%-8% on sales on  FY21 
    ** Stock on track for its biggest intraday pct loss since
June. 15
    ** Around 930,482 shares traded, Vs their 30-day moving
average of ~174,000 shares 
    ** As of last close, stock had fallen 29% so far this year
compared with a 12.23% increase in the ASX all ordinaries index
 .AORD 


($1 = 1.3319 Australian dollars)

 (Reporting by Roushni Nair in Bengluru)
 ((Roushni.Nair@thomsonreuters.com;))