Costa Group tops losses on ASX 200 after delaying results, poor outlook

Costa group

24/08/2023 04:56

** Shares of Costa Group Holdings  CGC.AX  fall as much as
18.1% to A$2.720, their lowest since June 30
    ** Stock last down 13%, set for worst day since Oct. 17,
2022, if losses hold
    ** Costa sees quality deteriorating across citrus category
later in the season, likely leading to ~A$30 mln hit
    ** Says issues with citrus category, softening consumer
demand for tomatoes to impact FY results
    ** Co defers HY results to Aug 31, see HY EBITDA-S rising
Y/Y 
    ** Stock top loser on benchmark index  .AXJO 
    ** CGC has risen ~21% this year, as of last close
 

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))