AUSTRALIA: Southcorp issues reduced earnings forecast
The speculation emerging last Friday that leading Australian winemaker, Southcorp, was about to lower its profit forecast proved founded, as the company issued a reduced earnings guidance for the coming year on Tuesday. Southcorp said it is now expecting earnings before interest tax and amortisation of A$287.1m for the fiscal year to the end of June 2003, some 14.3% below the A$335m it forecast in April 2002. The revised forecast would put full-year earnings roughly on a par with last year's result. The company also said it expected first-half EBITA to come in at A$115m.
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