A2 Milk shares plunge nearly 20% on NZX before recovering after news market didn't expect

Shares in The A2 Milk Company have plummeted after the New Zealand-based dairy firm said full-year sales revenue would be lower than analysts had forecast.

A2 said today it expects revenue for the 12 months to June 30 to rise as much as 67 per cent to between $NZ900 million and $NZ920 million ($A826.8 million and $A845.2 million), but that was lower than analysts had expected.

Deutsche Bank had forecast $NZ923 million in sales after A2 unveiled a strong first-half result in February, and reiterated its expectation in March.

A2's ASX-listed shares fell as much as 20 per cent at the open before recovering slightly.

The dual-listed firm's shares fared even more poorly on the NZ exchange, dragging the overall market lower with a fall of about 20 per cent before recovering some of that lost ground.

In a third-quarter trading update, A2 said revenue for the nine months to March 31 was $NZ660 million, up about 70 per cent from the same time a year ago and more than the $NZ549.5 million in the whole of FY17.

Driving the performance was growth in both nutritional products and liquid milk, as well as seasonal sales from key selling events in China.

The strong analyst forecasts had come after the company doubled its first-half profit to $NZ98.47 million on the back of strong growth in infant formula and liquid milk sales in core markets.

It lifted revenue 70 per cent to $NZ434.7 million and secured an alliance with global dairy giant Fonterra to produce new products and expand into new markets.


NZ dairy industry is feeling the pressure following Fonterra’s low milk price forecast.
Source: 1 NEWS



Indian MP to speak at Auckland Writers Festival in wake of allegations he abetted wife's suicide

One of India's highest profile opposition politicians will appear at the Auckland Writers Festival this month in the wake of Delhi Police recommending criminal charges be laid against him for abetting his wife's suicide in 2014.

The best-selling author and former UN diplomat, Shashi Tharoor, is today on a plane to Auckland to speak at a sold out show at ASB theatre on May 19.

But yesterday, Delhi Police filed a 3000 page charge sheet in court, based off a four year investigation, naming Tharoor as a suspect on abettment of suicide, and cruelty by a husband, The Times of India reported.

The allegations relate to the death of Tharoor's wife, Sunanda Puskhar, who was found dead in a Delhi hotel in 2014. 

Auckland Writers Festival Director Penny Hartill said they have been in contact with Mr Tharoor's representatives and they confirmed he will still appear.

NEW DELHI, INDIA - APRIL 30 : Congress MP Shashi Tharoor with his wife Sunanda Pushkar Tharoor attend the book launch of writer columnist Aashti Bhartia's first book 'Vote of Confidence' at Olive Beach, Hotel Diplomat on April 30, 2012 in New Delhi, India. The book talks about the young Indian Politicians being the future of the country. ( Photo by Manoj Verma/ Hindustan Times via Getty Images)
Congress MP Shashi Tharoor with his wife Sunanda Pushkar Tharoor in 2012. Source: Getty

"Mr Tharoor's representatives have advised the Festival that no charges have been laid against him. Accordingly, Mr Tharoor will be appearing in the Festival as planned," Ms Hartill said.

Ms Hartill also described Mr Tharoor as a "terrific writer" and "not interested in talking about unsubstantiated allegations".

Mr Tharoor has himself also responded to the charge sheet from Delhi Police on Twitter.

"I have taken note of the filing of this preposterous charge sheet & intend to contest it vigorously. No one who knew Sunanda believes she would ever have committed suicide, let alone abetment on my part," Mr Tharoor wrote on May 14.

"If this is conclusion arrived at after 4+ yrs of investigation it does not speak well of the methods or motivations of the Delhi Police.

"In Oct 17, the Law Officer made a statement in the DelhiHighCourt that they have not found anything against anyone & now in 6 months they say that I have abetted a suicide. unbelievable!"

The death of Tharoor's wife in 2014 sparked massive media coverage in India.

A few days before Puskhar's death, reports within the India media emerged that Tharoor had engaged in an affair with a Pakistan journalist. However, this was publicly denied by the journalist concerned and both Tharoor and Puskhar.

Following the Dehil Poilice charge sheet being filed, the Congress Party, of which Mr Tharoor is an MP for announced their support for him, criticising the "politically motivated charge sheet against him".

MUMBAI, INDIA - AUGUST 7, 2009: Shashi Tharoor interacting with Industry leaders at Trident Mumbai organised by the All India Association of Industries (AIAI). (Photo by Anshuman Poyrekar/Hindustan Times via Getty Images)
Shashi Tharoor interacting with Industry leaders at Trident Mumbai organised by the All India Association of Industries (AIAI). (Photo by Anshuman Poyrekar/Hindustan Times via Getty Images) Source: Getty

TODAY'S
FEATURED STORIES

Person cooperating with police after West Auckland armed police callout

A police cordon has now lifted after an incident in Auckland involving an armed offender.

Police road block in West Auckland during armed callout.
Police road block in West Auckland during armed callout. Source: Facebook - Waitakere Township Grapevine

A high number of armed police responded to the incident near Waitakere Township today.

A member of the public told 1 NEWS she heard shooting and Bethells Rd was earlier closed, but the cordon has now been lifted.

Police said one person is cooperating with Police as they look into the incident.