NZ's 2 Cheap Cars eyes best day on solid quarterly forecast

2 Cheap Cars

06/07/2023 03:39

** Shares of 2 Cheap Cars Group  2CC.NZ  up 33.3% at NZ$0.4,
on track for their best day, if gains hold
    ** The automotive co sees unaudited Q1 net profit after tax
(NPAT) of NZ$1.3 mln ($0.8042 mln), up from A$0.4 mln a year ago
    ** Co upgrades its FY NPAT forecast range to NZ$4.2 mln to
NZ$5 mln, from NZ$3.8 mln-NZ$4.2 mln 
    ** Adds its Q1 gross margin expected at NZ$4.7 mln, up 33%
from a year ago 
    ** Stock at its highest level since Oct 11, 2022
    ** Stock down 7.7% YTD, as of last close

    ($1 = 1.6166 New Zealand dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))