SYDNEY: Blackmores Ltd on Wednesday scrapped its dividend and said it expects this year's profit to more than halve as the coronavirus hit its supply chain, sending the Australian vitamin maker's shares to a near one-year low. Shares of the company fell more than 23% to A$68.50 at the open, their biggest intraday fall since mid-February last year. Blackmores expects to report an after-tax net profit for the full financial year ending June of A$17 million to A$21 million ($11.41 million to $14.10 million). Blackmores reported first-half underlying profit of A$18 million and revenue of A$303 million. The company also expects a spike in costs as it introduces new labelling to meet new regulations.

Source: The Star February 12, 2020 00:45 UTC