August 8, 2018 / 11:52 PM / 2 months ago

NZ's Fonterra requests trading halt to consider guidance revision

Aug 9 (Reuters) - New Zealand’s Fonterra requested an immediate temporary trading halt on Thursday to have time to consider whether it needs to update its previously announced earnings guidance.

The dairy firm said it expected to be able to notify the market by close of business on Friday.

In May, Fonterra cut its full-year profit and dividend forecasts, as the company takes longer to pass on higher milk costs to its customers.

The company trimmed its guidance for full-year forecast normalised earnings to NZ$0.25-0.30 per share from NZ$0.35-0.45 per share. It also cut its full-year forecast dividend range to NZ$0.15-0.20 per share, from NZ$0.25-0.35 per share announced in March. (Reporting by Aditya Soni in Bengaluru; Editing by Stephen Coates)

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