Oct 29 (Reuters) - Dairy goods maker Bega Cheese ltd BGA.AX on Tuesday forecast weaker earnings for fiscal 2020, citing competitive milk supply conditions brought about by a prolonged drought in Australia.
Normalized core earnings for 2020 are expected in the range of A$95 million to A$105 million ($65 million to $71.8 million), compared with A$115 million in fiscal 2019, the company said in a statement.
The company also flagged an increase in its Southern (NYSE:SO) Region milk price to combat competition, which will impact its 2020 earnings. ($1 = 1.4626 Australian dollars)