Kerry Group sees 30% coronavirus hit to China Q1 revenue [Reuters]
KERRY GROUP PLC S/ADR (KRYAY)
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Source: Reuters
Kerry Group sees 30% coronavirus hit to China Q1 revenue DUBLIN, Feb 18 (Reuters) - Irish food ingredients multinational Kerry Group on Tuesday warned its revenue in China was likely to be down 30% in the first three months of the year due to the coronavirus outbreak. That is equivalent to around 0.5% of global revenue in its core Taste & Nutrition unit, which earned over 80% of its global revenues of 7.2 billion euros, Chief Executive Officer Edmond Scanlon told analysts in a conference call. Kerry’s five manufacturing facilities in China are working with a skeleton staff and the firm was monitoring the situation closely, Scanlon said. Asked if there was likely to be a bounce in revenue once restrictions related to the virus are lifted, Scanlon said it was “probably a little bit too early to say”. Kerry on Tuesday reported its trading profit for 2019 was up 12.1 percent to 903 million euros while earnings per share on a constant currency basis were up 8.3% to 393.7 cents. It said onc
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