Australia's Engenco hits lowest in near 7 years on bleak annual outlook

Engenco

01/05/2024 02:52

** Shares of Australia Engenco  EGN.AX  fall as much as 6.3%
to A$0.225 to hit their lowest since July 2017
    ** Co says it no longer expects material improvement in
earnings for fiscal 2024
    ** Says Gemco rail operations are not expected to return to
normal levels until FY25
    ** Engenco says operations at Gemco rail facility in
Karratha are expected to start in second half of FY25
    ** Stock on track for biggest intraday fall since March 18
    ** Stock has fallen 20% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))