Australia's Credit Corp set for worst day in 3-1/2 years on potential impairment charges

Credit

18/10/2023 01:31

** Shares of Australia's Credit Corp Group Ltd  CCP.AX  fall
as much as 30.1% to A$12.050, set to mark worst day since March
23, 2020, if losses hold 
    ** Stock hits lowest since June 8, marks third consecutive
session of losses   
    ** The credit management services firm says it anticipates
impairment of the carrying value of its US Purchased Debt Ledger
(PDL) assets 
    ** Says impairment will likely be reflected in interim
financial statements for period ending 31 December
    ** Co cuts FY24 statutory net profit after tax forecast to
A$35 mln - A$45 mln ($22.27 mln- $28.63 mln) from A$90 mln -
A$100 mln   
    ** Stock down 8.4% this year, as of last close

   ($1 = 1.5718 Australian dollars)

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