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Livestock exporter Wellard in trading halt

AAP logoAAP 29/08/2016

Shares in livestock exporter Wellard have been placed in a trading halt ahead of the release of full-year results that could contain asset writedowns.

The Fremantle-based company listed on the ASX in December but higher cattle prices and shipment delays have contributed to profit downgrades and a share price decline of more than 75 per cent from $1.39 to a low of 32.5 cents last week.

Wellard, which is due to report on or before the market opens on Wednesday, said two weeks ago its pro forma net profit for the 12 months to June 30 will be between $14 million and $15 million, and that assest values could be impaired.

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