The warning sent shares of the cheese maker down 9.3% to A $ 5.10, the worst intraday session since March 2020.
The company expects normalized EBITDA for fiscal 2022 to be in the range of A $ 195 million A $ 215 million ($ 140.67 million 155.10 million), which is below Refinitiv’s consensus estimate of A $ 221.8 million.
Bega said the impact of COVID-19 has been “strained and significant”, ranging from market disruption in Australian restaurant channels due to closings to cost increases and major shortages across the supply chain .
The supply of farm milk across the Australian dairy industry remains stable or lower despite positive seasonal conditions, with stiff competition for supply, the company said.
“The upward pressure on farm milk prices is to be expected to continue for the remainder of the year,” Bega said in a statement.
(1 dollar = 1.3862 Australian dollar) (report by Arundhati Dutta Bengaluru)