Skellerup Holdings cut its annual earnings guidance for a second time, projecting a lower profit than 2015 as weak milk, oil and gas prices around the world weigh on demand from the rubber goods maker's customers.

The Auckland-based company expects to report profit of $20 million to $21 million in the 12 months ending June 30, down from a previous forecast of $23 million, which was already a downgrade. Skellerup posted a profit of $21.9 million in the 2015 financial year.

Chief executive David Mair said lower international milk price was affecting both local and foreign customers with farmers reducing their spending and putting off investment, while cheap oil and gas had led to a reduction in the number of vacuum pump systems sold in North America.

Skellerup had already been downbeat on the outlook for its agricultural and oil and gas sales when reporting its first half result in February, with customers for its US water systems propping up its industrial business.

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The shares last traded at $1.39, and have declined 8 percent this year.