Livestock Improvement Corporation (NZX:LIC) has downgraded its underlying earnings forecast for its next financial year i.e. for the year ended 31 May 2021. The company has updated its market range to $16 million to $22 million for the year ended 31 May 2021 due to:
- Impacts of COVID-19 on forecast milk price;
- Credit tightening for farmers;
- Increased compliance costs for the next season on New Zealand dairy farmers.
At NZST 11:51PM, the stock was trading at $0.700 per share, no change from its previous close.