EVENT Hospitality rises, Citi says balance sheet strong to weather FY22 uncertainty

EVT

23/08/2021 06:49

(Updates)
    ** Shares of Australia's EVENT Hospitality and Entertainment
Ltd  EVT.AX  rise as much as 5.4% to A$13.15, their biggest
intraday pct gain since April 7
    ** Co posts a loss attributable of A$48 mln ($34.37 mln) for
the full year, compared with a loss of A$57 mln in the year
earlier 
    ** Citi says co's loss "significantly better" than broker's
estimates
    ** Says group revenue in H2 up 30.9% from the previous
half-year period; adds that for divisions that were open, all
exceeded revenue on the comparable half-year period
    ** Confident that once restrictions are eased, the pent-up
demand and swift rebound experienced in the second half will
continue - EVT
    ** Given the increasing COVID-19 case numbers together with
low vaccination rates, it is difficult to see a material
improvement in operating conditions over 1H22 - Citi
    ** Broker says EVT has managed FY21 costs better than
expected
    ** Stock touches its highest levels since June 3
    ** About 149,000 shares change hands, compared with the
30-day average volume of 125,000 shares
    ** Stock up 31.5% this year, as of last close


($1 = 1.3966 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))