Asaleo Care Limited (ASX: AHY) appointed new CEO Sid Takla to take the helm of the company.
In today’s market announcement to ASX, Asaleo Care stated that the Board has appointed Sid Takla as Chief Executive Officer and Managing Director of the company.
The appointment seals the current role of Mr. Takla as CEO of Asaleo Care, which was initially taken up by him on an interim basis in May 2018. Prior to the interim CEO role, Sid Takla has served as the Chief Operating Officer of Asaleo, particularly looking into the commercial and manufacturing operations of the company. Among his several roles in Asaleo, he is accredited for strong growth in B2B and Pacific Islands business during his leadership term.
Toilet tissue and hygiene products supplier Asaleo Care has also announced the appointment of new Executive General Manager Consumer Sales and continuation of Chief Financial Officer term.
Andrew Blew has been appointed as the Executive General Manager Consumer Sales, for Asaleo’s tissue and personal care segment in New Zealand and Australia. Mr. Blew is reported to join the company in November this year. Currently, he is the commercial and business operator Director at L’Oreal. He started his sales career with Unilever after which he held several leadership positions in retail food companies including Kraft Foods, General Mills and Mars Food.
Further, in the same release Asaleo announced the continuation of Lyndal York as Chief Financial Officer of the company, who took the position of Asaleo’s CFO in year 2017. It has been stated that since Ms. York has refused the corporate opportunity based in New Zealand, she intends to continue as CFO of Asaleo until the release of full fiscal year results for the period ended 31 December 2018. These results for FY18 are due to be released in February 2019.
Recently the company has downgraded its full year guidance for FY18 due to performance decline in the first half year of 2018. The downswing was such that underlying revenue for 1H18 declined 9% to $267.2 million compared to 1H17. Whereas, EBIT has fallen 31% to $31.9 million, delivering NPAT of $17.8 million, down 37% from $28.2 million in 1H17.
The downtrend in performance was explained to be driven by the headwinds from pulp prices increase and higher energy cost coupled with lower retail sales volumes.
As a result, the company downgraded its FY18 guidance from previous EBITDA estimation of $113-119 million to revised estimated range of $80-85 million. The company has further anticipated to experience the constant rise in pulp prices which is expected to be approximately $24 million higher year on year in FY18.
With this update, the share price of Asaleo care plunged 2.098% or $0.015 to close at $0.700 on 23 October 2018. The stock has seen a performance change of -54.89% over the past one year.
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