Australia's Metarock slips to 5-year low on tepid FY23 earnings outlook

Mastermyne

19/10/2022 02:35

** Shares of mining services firm Metarock  MYE.AX  slide as
much as 10% to A$0.27, their lowest level since June 29, 2017
    ** Co says FY23 normalised EBITDA is expected at A$34 mln
($21.46 mln) to A$40 mln, compared with the previous forecast of
A$50 mln to A$55 mln  urn:newsml:reuters.com:*:nASX9DCsLf 
    ** Co's revenue outlook revised down to A$530 mln-A$580 mln,
from A$600 mln to A$650 mln 
    ** Forecast cut due to termination of Gregory Crinum
underground mine contract due to extended Force Majeure after a
roof collapsed at the mine site in 2021 
    ** MYE also extended an existing mining support services
contract with Anglo American's  ALL.L  steelmaking coal business
    ** Stock marks its worst intraday session since Aug 30
    ** Metarock stock down 64.3% YTD, as of last close
    ($1 = 1.5840 Australian dollars)
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))