Wellard books $23.3m loss

Live cattle exporter Wellard has failed to meet its prospectus forecast of a $9 million net profit, and instead has made a $23.3 million net loss.

Live cattle exporter Wellard has failed to meet its prospectus forecast of a $9 million annual net profit, and instead has booked a $23.3 million loss due to wet weather in northern Australia and the reluctance of South-East Asian customers to pay higher prices.

Revenue for the year to June 30 was $573.8 million, also below the prospectus forecast of $607.4 million.

Wellard, which listed on the share market in December, did not declare a dividend.