August 28, 2009
ABB Grain FY09 profit downgrade; expects underlying profit
ABB Grain Ltd. on Friday (August 28) downgraded its profit guidance for this fiscal year ending Sep. 30, citing a continued deterioration in fertilizer market conditions that has resulted in another write down in the value of inventory.
The company now expects underlying net profit, which excludes previously announced one-time items of A$8 million, this fiscal year in a range A$33 million (US$27.79 million) to A$43 million (US$36.21 million) compared with the previous guidance for underlying net profit in a range A$43 million-A$53 million, it said in a statement.
"The revised earnings outlook has no impact on the directors' unanimous recommendation in favor of the scheme of arrangement with Viterra, in the absence of a superior proposal," on which a shareholder's vote is scheduled to be held Sep. 9, ABB said in a statement.
US$1 = A$1.18 (August 28)
