Australia's Amaero International drops on CY23 outlook downgrade

Amaero

29/09/2022 03:25

** Shares of Amaero International Ltd  3DA.AX  dip as much
as 28% to A$0.090, mark their record intraday pct loss
    ** Amaero says it no longer expects co to be cash
flow-positive in CY23  urn:newsml:reuters.com:*:nFWN30Z1PV
    ** Co says will not proceed with the titanium powder
manufacturing facility in Victoria, Australia
    ** Says co is taking active steps to pursue alternative
opportunities for titanium powder production
    ** Co is exploring a number of opportunities in the Middle
East over the past four weeks
    ** Says co's Fletcher Insulation, Rio Tinto and Boeing
projects will continue, but are not expected to produce
significant revenue in the near term
    ** Shares at their lowest since March 25, 2020
    ** About 1.3 mln shares change hands vs the 30-day average
of 183,000
    ** Amaero stock down 59% this year, as of last close 
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))