Australia's DDH1 jumps on upbeat HY results

DDH1

01/03/2023 04:51

** Shares of DDH1  DDH.AX  climb up to 3.9% to A$0.935, on
track for best day since Feb. 6
    ** Drilling services provider posts 44.2% jump in its half
year net profit attributable  urn:newsml:reuters.com:*:nFWN35728V
    ** Co's A$28.4 mln ($19.16 mln) net profit slightly weaker
than Bell Potter Securities and Macquarie Group's expectations
    ** Co's short to medium term earnings outlook is underpinned
by fleet expansion and stable charge-out rate - Bell Potter
    ** Bell Potter cuts co's FY23 underlying NPAT estimates to
A$53.2 mln from A$58.8 mln
    ** Rating of all four analysts at equivalent of 'buy' or
'strong buy' with median PT of A$1.34 – Refinitiv data
    ** Stock is up 1.1% so far this year, as of last close
    
    ($1 = 1.4821 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))