Blackmores' FY profit down 66 per cent
Vitamin and pet food supplier Blackmores has reported a 66 per cent full-year profit dive after Chinese shoppers limited spending amid COVID-19.
Net profit after tax was $18.1 million, which Blackmores said was in line with earlier guidance.
Its Australian arm had sales to Chinese shoppers in retail drop by 16 per cent between January and June as government restrictions prevented travel between the two countries.
Management decided not to pay a final dividend. The 2019 equivalent was 70 cents per share, fully franked.
In short-term strategic moves, Blackmores will sell its global therapeutics business and lay off 10 per cent of its employees.
Management said it expected full-year profit growth this financial year.
However, it did not provide guidance due to the uncertainty of the pandemic.
Shares were down 5.88 per cent to $71.40 at 1152 AEST.
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