New Zealand's 2 Cheap Cars falls as forex headwinds prompt outlook cut

2 Cheap Cars

29/02/2024 23:50

** Shares of New Zealand's 2 Cheap Cars Group  2CC.NZ  fall
as much as 3.7% to NZ$0.790, their worst intraday pct drop since
Feb 19
    ** The used car dealership revises down its FY24 NPAT
outlook to between NZ$6.3 mln ($3.83 mln) and NZ$6.5 mln, down
from prior forecast of NZ$6.8 mln
    ** In FY23, 2CC posted NPAT of NZ$1.3 mln
    ** Says steady increases in NZ dollar against Japanese yen
resulted in higher-than-expected hedge losses
    ** Still, co adds that 2CC remains on track for a record
result
    
    ($1 = 1.6437 New Zealand dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))