Australia's Magontec Ltd gains on profit outlook

Magontec

25/07/2022 03:28

** Shares of magnesium alloys recycler Magontec Ltd  MGL.AX 
climb as much as 16.2% to A$0.395, highest since June 3
    ** Company expects to report HY net profit after tax (NPAT)
of A$13 mln ($8.98 mln)  urn:newsml:reuters.com:*:nASX6f7P5F
    ** Says trading conditions reflect high underlying magnesium
prices, volume growth in some product lines and higher demand
    ** Company's shares on track for best day since Oct. 27,
2021, if gains hold
    ** As of last close, stock down 24.4% this year
    
 ($1 = 1.4480 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com))