Blackmores (ASX:BKL) downgrades full-year profit expectations

Company News

by Rachael Jones

Health supplement company Blackmores (ASX:BKL) today released an update on the first-half financial results showing underlying NPAT of $18 million compared to $34.3 million a year ago.

Full-year NPAT expected to be in the range of $17 million to $21 million including impacts of Coronavirus.

The Group’s transition to manufacturing has put pressure on the second-half result.

Costs associated with rollout of new product labels have been adversely impacted by Coronavirus disruptions.

They are anticipating at least 2-3 months of China sales and supply challenges due to the virus.

In light of the significant deterioration in the outlook for the second-half, the Board has made a decision not to pay an interim dividend to conserve cash for operations.

Shares in Blackmores (ASX:BKL) are trading 20.4 per cent lower at $71.20.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.