AWB Ltd

AWB shares fall sharply as it downgrades its forecast

AWB shares fall sharply as it downgrades its forecast

AWB, the agribusiness company, has reduced its profit forecast for the coming year. And as a result, the share price of the company nose-dived on Wednesday.

The company has reduced the profit expectation from a range of $115 million-$140 million to make it $85 million-$110 million. This fall is the result of tough marketing environment that has come up in the grain market.

The company has forecasted that the profit before tax (PBT) for the first half of this year is going to be in the range of $25 million-$35 million. Profit of the company, for 2008-09, was $ 93 million.