Wild Aussie weather a worry for Michael Hill

Michael Hill International has lowered its full-year earnings forecast due to the disastrous weather that’s hit Australia recently, which is expected to hurt consumer spending.

The company has announced its unaudited Results for the 6 months to December 31 2010.

Unaudited earnings before interest and tax were $32.3 million, up from $30.3 million last year, unaudited net profit before tax was $29.1 million, up from $27.5 million, while unaudited net profit after tax was $23.9 million, up from $22.3 million.

The company is currently forecasting a full year ebit of $45 million, which would be a $9 million increase from last year’s result of $36.24 million.

However, this forecast is lower than the original budget for the year of $49.9m as disclosed in an Independent Advisors Report released in January.

“The recent floods in Queensland and Victoria, and the cyclone in North Queensland are expected to adversely impact consumer behavior in the coming months and these events were of course unknown at the date of preparing the budgets referred to in the Independent Advisors Report,” the company said. 

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