Wellard profit could take another hit

Wellard shares were hammered for a second time in less than a week, with the company warning of yet another potential profit hit before the end of the financial year.

Wellard said its net profit for FY16 could fall below its range of between $23.5 million and $30 million – a revised target that was only announced to the market last Friday.

“Due to the proximity of the end of the financial year, outcomes of some remaining shipments may still influence the forecast,” the livestock export company said in a statement.

“A further change to the forecast is therefore possible, particularly given one of these shipments is a large shipment.

“The shipment is expected to load in the next few days. The number of cattle loaded and departure date of the vessel will influence the forecast financials, potentially below the previous range.”

Wellard shares were 10.6 per cent lower to 42 cents each at midday.