Forum Archive Index - April 2001

["Ben Dutton" <bendutton@sharechat.co.nz>]

Hi Michael,

 

You may be interested in the following notice that Affco sent to the NZSE late today:

 

AFF
19/04/2001
GEN
 
REL: 1658 HRS AFFCO Holdings Limited
 
GEN: AFF:  INTERIM HALF YEAR RESULT BELOW EARLIER EXPECTATIONS
 
Affco Holdings advised that its interim half-year result (to 31/03/2001) will
be significantly below earlier expectations, the company announced today.
The result, to be announced on 18/05/2001, has been downgraded by Affco as a
result of a number of factors which had an adverse impact in the 6 months,
including the US beef quota issue in November, a wet summer which produced
lower than expected stock numbers, and the MAF veterinarians' strike earlier
this year.  Affco estimates that the beef quota issue cost the company $0.5m,
and the Vets' strike an additional $3.5m.  At the interim last year, Affco
reported a $7.4m half year surplus.  While the company expects the 2001
interim result will show a surplus, it will be substantially below last
year's figure.  At the 2001 half year, the company is also revising a number
of current year revenue assumptions, as livestock numbers prove lower than
anticipated by industry economic forecasts.  While total revenues for the
half-year will be down on expectations, Affco believes the comprehensive
internal review of costs, structures and activities currently being
undertaken will impact positively in the second half to bring the company
closer to best practice in the meat industry.
End CA:00066252 For:AFF    Type:GEN        Time:2001-04-19:16:59:34 Encrypt:Y

 

Best Regards

 

Ben Dutton

Disc. do not hold AFF

----- Original Message -----

From: Michael Gore

To: sharechat@sharechat.co.nz

Sent: Thursday, April 19, 2001 3:56 PM

Subject: [sharechat] AFFCO - Gerry

Gerry,

Prior to the resignations, I recall you were following this stock.  I wonder if you are still following AFFCO and what you think of its prospects now it seems to have settled at 33c or so?  Appreciate your contributions to this forum.  michael