Australia's Credit Corp set for worst day in 1 year on bleak results, outlook

Credit

01/08/2023 01:42

** Shares of Australia's Credit Corp Group  CCP.AX  fall as
much as 15.7% to A$19.9, set to mark their worst day since Aug
2, 2022, if losses hold 
    ** Stock is the top loser in the ASX200  .AXJO  index and
hits lowest since July 12 
    ** The credit management services firm posts profit
attributable for the year of A$91.3 mln ($61.36 mln), lower than
year-ago profit of A$100.7 mln
    ** Co also sees NPAT for year ended 2024 to be in the range
of A$90 mln to A$100 mln, lower than the current year's NPAT of
A$91.3 mln 
    ** Adds investment for co is expected to moderate in FY2024
    ** Stock up 25.5% this year, as of last close

  ($1 = 1.4879 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))