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Dow Jones
By Stephen Wright
WELLINGTON, New Zealand Infant formula company a2 Milk Ltd. has cut its full-year earnings forecast, citing a more severe-than-anticipated decline in surrogate-shopping sales to Chinese consumers.
Shares of the company, which before the downgrade was the third-largest in the New Zealand market by capitalization, slid more than 20% on Friday, dragging the benchmark index into the red.
The company said it expects an operating profit margin of 26% to 29% for its 2021 financial year, down from its previous forecast of 31%.
Revenue for the full year would range between 1.4 billion New Zealand dollars and 1.55 billion New Zealand dollars (US$1 billion to US$1.11 billion), compared with an earlier forecast of NZ$1.8 billion to NZ$1.9 billion, it said. ....

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