Maryborough Sugar Factory Ltd (ASX:MSF) has downgraded its earnings guidance as a result of lower sugar production following the severe weather conditions that struck Queensland at the beginning of this year.
The sugar producer says it now expects to post normalised EBITDA of between $18 and $22 million for the full 2011 financial year, down from previous guidance of around $30 million.
The guidance excludes non-recurring items of $8 million that relate to stamp duty and costs associated with the company’s acquisition and restructuring costs.
Speaking at the company’s annual general meeting, Chairman James Jackson today said that the company achieved a realistic result in the first half of the current financial year considering the weather conditions.
In the 2010 financial year Maryborough Sugar Factory reported a net profit of $7 million.
