Australia's United Malt hits record low as rising costs, tight supply weigh

United Malt

02/08/2022 02:33

** Shares of United Malt Group  UMG.AX  extend losses to hit
a record low, drop up to 4% to A$2.92
    ** The fourth-largest global malt producer on Monday cut its
FY22 core income forecast to between A$100 mln ($70.19 mln) and 
A$108 mln, from A$115 mln to A$140 mln  urn:newsml:reuters.com:*:nL4N2ZD04X
    ** Rising input costs, logistics headaches, and the
unfavourable cost and quality of North American barley are
weighing more than we expected on near-term earnings -
Morningstar 
    ** While higher barley cost owing to broader inflation will
continue to weigh on UMG in the beginning of FY23, broker sees
improved earnings after crop harvest
    ** About 1.1 mln shares change hands, compared with the
30-day average volume of 864,000 shares
    ** Stock among the top losers on the ASX 200 benchmark index
    ** UMG stock down 30.3% this year, as of last close

     ($1 = 1.4247 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))