Australia's Credit Corp set for worst week in 3 years on lacklustre forecast

Credit

04/08/2023 02:37

** Shares of Credit Corp Group Ltd  CCP.AX  fall as much as
1.9% to A$19.82, their lowest level since July 11 
    ** Stock on track for worst weekly fall since April 24,
2020, if losses hold 
    ** Earlier this week, the credit management services firm
forecast lower profit for 2024 financial year
    ** Co expects NPAT in a range of A$90 mln ($59.13 mln) to
A$100 mln in fiscal year 2024 
    ** Co posted profit attributable for the year of A$91.3 mln
($61.36 mln), lower than year-ago profit of A$100.7 mln
    ** Credit Corp shares up 7.5% YTD, as of last close 
   
   ($1 = 1.5221 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))