Australia's United Malt Group plunges on FY22 forecast cut

United Malt

01/08/2022 01:49

** Shares of United Malt Group Ltd  UMG.AX  fall as much as
14.2% to A$3.150, hitting their lowest since August 2017 
    ** Commercial maltster cuts its FY22 core income forecast to
a range of A$100 mln to A$108 mln ($69.83 mln - $75.42 mln),
from A$115 mln to A$140 mln  urn:newsml:reuters.com:*:nASX9vXLH7
    ** Says cut is due to increased production costs and supply
chain bottlenecks at its North American processing segment  
    ** Stock marks biggest intraday percentage loss since March
2020
    ** UMG down 90% this year, as of last close 


($1 = 1.4320 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))