NZ's PGG Wrightson cuts earnings forecast

WELLINGTON, June 24 (Reuters) - New Zealand rural services company PGG Wrightson (PGW.NZ) has revised down its earnings forecast because of the global recession, the company said on Wednesday.

The company said it now expected its net operating earnings at between NZ$30 million and NZ$32 million ($19.2 million-$20.5 million) for the year to June 30 2009, down from previous guidance of between NZ$36 million and NZ$42 million.

Shares in the company were untraded, but closed on Tuesday at NZ$1.20. ($1=NZ$1.56)