Wellard Limited (Wellard, ASX:WLD) provides the following clarification in respect of the market update dated 17 July 2017.
The Company is continuing to work through its year-end audit process and as a result a number of matters remain subject to further review. However, the Company expects its potential losses before tax for the full year to be in the range of $55-65M, excluding impairments on vessels.
In respect of the anticipated loss related to the voyage in South America, the loss reported in this financial year is likely to be in the range of A$8M to A$10M. This loss arose as a result of delays which caused some cattle to go out of specification, after which some stock was sold to another buyer at lower than predicted prices. This issue relates to the specific voyage only and does not indicate any mechanical issue with the Wellard vessel involved.
For further information:
Managing Director, Mauro Balzarini
Phone: + 61 8 9432 2800
FTI Consulting, Cameron Morse
Phone: + 61 8 9485 8888
Mobile: +61 (0) 433 886 871