Margins as I've posted about over the last couple of months will remain under pressure. Volumes are down hard, which is very bad news for their associated companies like Synlait as well unfortunately and are an additional unwanted headwind. Only silver lining is liquid milks, but that's not their core business, and will only be great news if they can get into Europe/US.
China sales have lower sales margin than ANZ, so that channel switch will remain a headwind. Basically need to do higher revenues in China to achieve the same profit as in Australia. Let's see how retail Daigou bounces back, that's going to be the difference between a slow sideways/downwards grind, and some sort of bounce.
Pretty bad result, but that was expected by most except for the ones with their blinkers on in these threads who think every downgrade is a "BOOM BANG" newspiece. Crucial one to watch will be in 6 months.
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