Australia's Elders hits over 3-year low as HY profit tumbles

Elders

15/05/2023 05:48

(Updates share moves and milestones, adds UBS estimate, co's
FY23 outlook)
    ** Shares of Elders Ltd  ELD.AX  slide as much as 14.7% to
A$7.080, their lowest since March 25, 2020
    ** Stock posts its biggest intraday pct fall since Nov. 14
    ** Stock tops losses on the benchmark ASX 200  .AXJO 
    ** Agribusiness co posts half-year statutory net profit
after tax of A$48.8 mln ($33.10 mln), down 46.5% from a year
earlier and missing UBS estimate of A$56 mln
        ** ELD expects FY23 underlying EBIT to be between A$180
mln and $200 mln, compared to A$232.1 mln in FY22
  
    ** Says HY revenue rose 9% to A$1.66 bln
    ** More than 6.5 mln shares change hands, vs the 30-day
average volume of ~710,000 shares
    ** Stock down 18.2% this year, as of last close

($1 = 1.4743 Australian dollars)

 (Reporting by Harish Sridharan and Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))