Australia's Magontec eyes worst day in nearly 2 yrs as HY profit slumps

Magontec

01/09/2023 06:34

** Shares of magnesium products maker Magontec  MGL.AX  fall
as much as 13.5% to A$0.450 
    ** Stock set for worst day since Sept 20, 2021, if losses
hold 
    ** Co on Thursday reported HY net profit attributable of
A$2.4 mln ($1.55 mln), down 82.6% from last year, and 35.5% fall
in HY revenue from ordinary activities
    ** Declares interim dividend of 0.6 Australian cents per
share, in line with HY22
    ** Shares hit lowest level since July 19
    ** MGL up 60% so far this year, as of last close 
   

($1 = 1.5451 Australian dollars)

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