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SYDNEY, April 27 (Reuters) - Murray Goulburn Co-operative Co Ltd MGC.AX , Australia's biggest dairy producer, said its managing director is stepping down as it blamed slower than expected milk powder sales in China for a profit warning nine months after listing.
The company said it expects net profit of between A$39 million and A$42 million ($30.2 million and $32.5 million) in the full 2015/16 fiscal year, less than half the $85.8 million it forecast in a prospectus before listing in early 2015.
It also cut its forecast farm gate price to bteween A$4.75 and A$5.00 a kilogram for the year to June 30, from A$5.60 per kilogram previously, and said it would provide financial assistance to farmers.
In a statement to the Australian Securities Exchange, Murray Goulburn said its managing director, Gary Helou, will step down and quit as a company director. It said Helou and the board agreed the company "will be best served under fresh leadership".
The company said that after milk powder sales to China tripled in the six months to end-December it increased production, only to see sales volumes drop because of Chinese New celebrations in February.
"While volume recovered in March, early results for April showed a slowing in sales growth against forecast sales ... which has significantly reduced expectations for the remainder of the financial year," it said.
Murray Goulburn shares have been in a trading halt since last week.
($1 = 1.2908 Australian dollars)