AUSTRALIA: Natfoods shares tumble on profits shortfall
Shares in Australian dairy group National Foods took a tumble today [Friday] following disappointing first half profits leading to a dilution in full-year profit forecasts. Net profits in the first half to December climbed 12.5% to A$25.08m (US$12.97m), but this failed to match market expectations of A$27m. Managing director Max Ould said the group expects a marginally stronger second half, but analysts commented that initial market estimates could have been too high.
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