Australia's ARB Corp slips on weak prelim HY results

ARB

05/02/2023 23:44

** Shares of ARB Corp  ARB.AX  slip as much as 4.6% to
A$31.86, seeing their worst day since Dec 20 
    ** Car-accessories maker says its prelim 1H 2023 profit
before tax has declined nearly 30% within the range of A$64 mln
($44.33 million) to A$64.6 mln due to elevated inflationary
pressures affecting base costs 
    ** Co reports prelim HY revenue of A$340.9 mln, down 5.1%
compared with previous corresponding period
    ** Co adds price pressures, led by freight and steel costs,
have moderated in second quarter and recent price increases will
improve margins  
    ** Shares hit their lowest since Feb 1 
    ** Stock had risen 30.1% this year, as of last close
($1 = 1.4438 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))