Australia's ABB cuts earnings guidance

Published: 06 Jul 2009 17:29:27 PST

SYDNEY, July 7 - Australia's largest listed grain and malt firm, ABB Grain <ABB.AX> on Tuesday lowered its annual profit guidance, citing slower demand for malt by Asian customers and weaker sales of fertiliser and agricultural chemicals.

ABB, under a $1.2 billion takeover offer from Canadian grain giant Viterra , revised its guidance of underlying net profit for the year to Sept. 30 to A$43 million ($34.3 million) to A$53 million from guidance on May 19 of A$53-$63 million.