Murray Goulburn undertakes ASX trading halt

Posted by AFN Staff Writers on 26th April 2016

Stock MarketMurray Goulburn is in the middle of an Australian Securities Exchange (ASX) trading halt as requested by the company itself.

The halt is expected to last until Wednesday 27 April with Murray Goulburn saying it needs to review the impact of market conditions on its profits outlook.

Murray Goulburn debuted strongly on the ASX in July 2015 despite a global oversupply in milk driving milk solid prices down.

In February 2016, Murray Goulburn announced a net profit of AUD$10 million for the six months ended 31 December 2015. This was a 34.1 per cent drop on the previous 2014 corresponding period.

At the time, Murray Goulburn Managing Director, Gary Helou, attributed the profit drop to a number of factors including low milk prices, a decline in Chinese imports of commodity dairy ingredients and the Russian embargo on dairy imports.

Murray Goulburn owns the Devondale brand which is used to sell milk, butter and other dairy products in Australian supermarkets.