Australia's United Malt Group gains on upbeat FY23 forecast

United Malt

10/02/2023 03:09

** Shares of United Malt Group Ltd  UMG.AX  rise as much as
5.6% to A$3.75; set to mark best day since Dec. 19, 2022, if
gains hold
    ** Commercial maltster says it expects "progressive
recovery" in earnings during FY23 and resume dividend payments 
    ** UMG posts a 20% drop in co's FY22 statutory net profit
after tax on 35% reduction in total barley crop due to drought
in Canada
    ** Co maintains EBITDA (earnings before interest tax
depreciation & amortisation) forecast of A$140 mln-A$160 mln for
FY23 
    ** Sees earnings for second quarter of 2023 to be
"significantly higher" than first quarter on improved barley
crop, changed pricing, among others
    ** Stock up 2.3% this year, as of last close
 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))