Virus big blow for Blackmores

BLACKMORES shares have tumbled after the vitamin supplier scrapped its interim dividend and slashed its full-year profit forecast, citing adverse costs and the coronavirus outbreak.

The group yesterday told shareholders it now expects a net profit of $17 million to $21 million for the year to June. That would mark a fall of up to 67.9 per cent from the company’s $53 million profit tally last financial year. Shares in Blackmores fell more than 20 per cent yesterday. They recovered some ground later but still ended the session 12.8 per cent, or $11.44, lower at $78.