Affco expects lower full-year profit

Meat company Affco said today it expected its full-year profit to be lower than last year due to lower prices, currency concerns and the weather.

The company said its financial results for the first four months of the year were "well down" on the same period last year, and it expected this to lead to a lower result for the year ending September.

Affco blamed lower market pricing, the high New Zealand dollar and limited production due to weather conditions.

"While the expectation is for a lower year end profit, the company is confident that the outlook will improve due to more consistent livestock flows for the balance of the season," Affco said in a statement.

In the previous full year, Affco posted a net tax profit of $21.1 million, down 64 per cent on the previous September year.

Shares in Affco fell 1c to 38c in a broadly weaker market this morning, having ranged between 34c and 50c over the past 12 months.

- NZPA