Australia's Lifestyle Communities hits lowest since Sept 2020 on withdrawing outlook

Lifestyle Communities

19/07/2024 01:28

** Shares of Lifestyle Communities  LIC.AX  slump as much as
17.8% to A$9.08, hitting nearly a four-year low 
    ** Co emerges as top loser on the benchmark  .AXJO  
    ** The real estate rental co says it is withdrawing all
forward-looking outlook as it is difficult to quantify impact of
recent media coverage on future sales 
    ** LIC had recently rejected allegations made in Victorian
Civil and Administrative Tribunal from a group of homeowners 
    ** Co expects FY24 operating profit after tax in range of
A$52.4 million ($35.08 million) and A$53.4 million
    ** Stock has fallen ~38.8% YTD, as of last close


($1 = 1.4937 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))