Australia's Atlas Pearls at over 9-year high on robust start to FY24

Atlas Pearls

05/12/2023 24:33

** Shares of Atlas Pearls Ltd  ATP.AX  rise as much as 53.4%
to A$0.135, their highest since September 2014
    ** Stock posts its biggest intraday pct gain since July 30,
2021
    ** The pearls producer says revenue for five months ended
Nov 30 reaches A$26.1 mln ($17.27 mln), significantly above 1H23
revenue of A$12.1 mln ($8.01 mln) and just below FY23 revenue of
A$26.3 mln
    ** Adds co achieved a new single sales event record of
130,000 loose pearls sold for a total of A$14.8 mln revenue
    ** Average price in five months to Nov 30 was A$102.69 per
pearl, vs A$37.77 per pearl in 1H23
    ** Co cites strong demand from global market for south sea
pearls for robust sales
    ** More than 5 mln shares change hands, compared with the
30-day average volume of 404,655 shares
    ** Stock up 252% this year

   ($1 = 1.5115 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))