Atenor down after posting bigger-than-expected loss in 2023

Atenor SA

04/03/2024 09:02

** Shares in Atenor  ATEO.BR  fall 7% after the Belgian real
estate developer reported a net loss in 2023 that was wider than
expected 
    ** It posted on Friday a net loss of 107.1 million euros 
($116.15 million) at end-2023, against ING's forecast for a loss
of 85 million, due to impairments and other expenses  
    ** "Results showed the weaknesses anticipated over the
previous months," ING says, adding the net loss was still bigger
than expected, while operating expenses of 170.7 mln grew
fourfold versus a year earlier 
    ** KBC Securities says results are slightly below its
expectations
    ** "We expect sales to pick up further over FY24, but mainly
in 2H24 in line with the projected interest rates cuts by the
central banks," - KBC 
        ** Atenor says it won't pay a dividend for 2023 and will
focus on debt reduction this year, while responding to demand
for sustainable buildings
    ** Degroof Petercam says co's 2024 outlook is "cautiously
optimistic" adding that interest rates will remain a question
mark
    ** The shares head for their worst day in over three months 
    



($1 = 0.9221 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))