Unfortunately for its shareholders, the Wellard Ltd (ASX: WLD) share price is on course to make it two days of heavy declines in a row.
In afternoon trade the cattle exporter's shares are down 16% to 12.2 cents. This means its shares have lost over 30% of their value this week and 44% since the start of the year.
What happened?
Yesterday Wellard advised that it expects to post a full-year loss before tax of between $55 million and $65 million, excluding impairments on vessels.
This is largely the result of a reduction in demand from South East Asian markets due to sustained high cattle prices in Australia.
This loss is likely to have a very negative impact on its ongoing business, especially with the company being in breach of various banking facilities. Management is working with its banks on the provision of waivers.
