Australia's Korvest eyes best day in 5 months on profit guidance

Korvest

08/10/2021 01:25

** Shares of Australia's Korvest Ltd  KOV.AX  climb as much
as 13.39% to A$6.35 after co issues upbeat profit guidance
    ** Stock set for biggest intraday percentage rise since May
6
    ** Industrial equipment maker says first-half profit before
tax will exceed A$8 mln ($5.85 mln)  urn:newsml:reuters.com:*:nASX735xtX
    ** Co had reported net profit after tax of A$2.84 mln a year
earlier 
    ** Says profit growth due to accelerated delivery of major
project work in early FY22, hence such performance will likely
not be sustainable through H2 
    ** Stock hits highest since Aug. 19 
    ** KOV up 12% this year, as of Thursday's close 

($1 = 1.3665 Australian dollars)

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))