Business
Why the Ecofibre (ASX:EOF) share price is crashing 16% lower today
The Ecofibre Ltd (ASX: EOF) share price has been a poor performer on Thursday.
At one stage today, the hemp company’s shares were down as much as 16% to $1.51.
The Ecofibre share price has since bounced back a touch but remains down 9% to $1.64 at the time of writing.
Why is the Ecofibre share price sinking?
Investors have been selling Ecofibre shares after the release of a very disappointing half year result.
For the six months ended 31 December, the company reported a 49% decline in revenue compared to the prior corresponding period to $14.7 million.
Management advised that this was driven by a significant reduction in nutraceutical segment revenues. This more than offset growth in its food and hemp black…
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