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GTN - Margins contract across businesses - Earnings Flash

GTN published H1 2017 results, including net revenue +51% and NPAT +56% vs H1 2016. This was mostly thanks to the consolidation of Vilico (UpCom: VLC) starting in January 2017. Having said that, these results trail our expectation due to (1) weak performance from VLC, whose pig farming segment was hampered by depressed pork prices while dairy margins contracted due to higher discounts and promotions, and (2) smaller-than-expected margins at Vinatea due to its clearance of old inventory.