LIVESTOCK exporter Wellard announced another trading halt on Monday, ahead of the release of its full-year results due yesterday .
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Earlier this month Wellard shares stopped trading for a week as the company reviewed its trading performance and then flagged its third profit write-down in six months.
It is expected to forecast a net profit after tax for the year to June 30 of $14 million and $15m.
This week's trading halt was requested to allow Wellard to finalise its proposed announcement.
Although its vessels have been busy, Wellard warned two weeks ago its tight trading margins, including the high cost of sourcing live cattle for its key Indonesian and Vietnamese markets, had eroded profit expectations. It also forecast a possible write-down in asset valuations.
The Perth-based company listed on the Australian Securities Exchange last year and suffered $7.5m in ship breakdown costs in February which have contributed to its earnings downgrades and a 75 per cent slide in its share price to about 32 cents last week.
"The company expects to make the announcement to the market before the commencement of normal trading on Wednesday and the company is not aware of any reason why the trading halt should not be granted or any further information necessary to inform the market about the trading halt," it said.
