Australia's Kelsian bottoms benchmark index after weak H1 profit

Kelsian

28/02/2024 03:36

(Updates shares, adds analyst's comment)
    ** Shares of Kelsian Group  KLS.AX  fall as much as 16.5% to
A$5.500, lowest since Oct. 4
        ** KLS last down 11.8%, set for worst day since Aug. 25,
2022, if current losses hold 
  
    ** Stock also the top loser in the ASX 200 benchmark index
 .AXJO 
    ** Co's 1H24 underlying profit after tax slips marginally to
A$26.4 mln ($17.3 mln), while pre-tax profit falls 8.4% to
A$32.9 mln
    ** Announces interim dividend of 8 Australian cents per
share
    ** UBS analysts say result was operationally in line, but
was a "disappointing miss on pretty much every line item below
EBITDA"
        ** Brokerage says while it is positive that the
operating business is tracking well, the higher depreciation and
interest expense will likely result in downgrades 
  
    ** KLS stock down 5.9% this year, as of last close

   ($1 = 1.5277 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))