Australia's Bapcor tumbles on weak annual results

Bapcor

16/10/2024 05:23

** Shares of Bapcor  BAP.AX  fall as much as 3% to A$5.035,
their biggest intraday pct loss since mid-September
    ** Auto parts firm reports FY 2024 statutory net loss after
tax of A$158.3 million ($105.95 million), compared to a profit
of A$106.4 mln last year
    ** Says FY earnings negatively impacted by performance of
retail and specialist wholesale units; management actions
expected to deliver savings of A$20 mln to A$30 mln in FY25
    ** Shares hit lowest since Sept. 24
    ** Stock down 8.1% YTD vs a 9.4% rise in the benchmark
S&P/ASX 200 index  .AXJO 

($1 = 1.4941 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))