Australia's MAAS Group drops on tightening FY23 earnings guidance

MAAS group

09/06/2023 03:40

** Shares of MAAS Group Holdings  MGH.AX  dip as much as
10.7% to A$2.840, their biggest intraday pct fall since Feb 24
    ** The construction materials provider tightens FY23 Pro
Forma EBITDA guidance range to A$150 mln-A$165 mln ($100.55
mln-$110.60 mln), from the previous guidance of A$150 mln-A$180
mln
    ** Says forecast range underpinned by growth in the
Construction Materials and Civil Construction and Hire segments
    ** Says performance of the Residential Real Estate segment
had been adversely impacted by a higher interest rate
environment and builder insolvencies
    ** Shares hit their lowest level since April 20
    ** Stock on track to record a fourth consecutive session of
losses, if trend holds 
    ** MGH stock up 19.5% YTD as of last close 

($1 = 1.4919 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))