Australia's Harvey Norman top loser on ASX 200 on lacklustre HY profit

Harvey Norman Holdings

28/02/2023 02:41

(Updated with share moves and comments from UBS)
    ** Shares of Harvey Norman Holdings Ltd  HVN.AX  fall as
much as 12.7% to A$3.63, their lowest since March 20, 2022
    ** HVN is the top loser on the benchmark ASX 200  .AXJO ;
Stock set for its worst day since March 2020, if losses hold
    ** Australia's top electronics retailer posts 15% drop in H1
profit as cost-of-living pressures crimp discretionary spending
    ** Results miss UBS estimates, with the brokerage saying
risk remains for HVN market share losses
    ** Co records a profit after tax attributable of A$365.9 mln
($246.58 mln), compared with A$430.9 mln a year earlier
    ** Co declares a fully-franked interim dividend of 13.0
Australian cents per share
    ** Shares up 0.7% YTD, as of last close

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