Murray Goulburn Slumps as Profit Target Slashed as Much as 50%
- David Mallinson to replace Helou as interim managing director
- Group will accelerate effort to switch to higher margin foods
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Units in Murray Goulburn Co-operative Ltd. fell to the lowest since they began trading last year after the Australian dairy group slashed its profit target by as much as 50 percent because of lower milk prices and a resilient Australian dollar.
Shares in MG Unit Trust dropped as much 38 percent to A$1.335 apiece before trading at A$1.4025 at 11:55 a.m. in Sydney, the lowest since their trading debut in July. The local benchmark S&P/ASX 200 index on Wednesday rose 0.2 percent.