New Zealand's Mercury NZ set to drop most in nearly 11 wks on weak FY results

Mercury NZ

21/08/2023 01:23

** Shares of Mercury NZ Ltd  MCY.NZ  fall as much as 2.9% to
NZ$6.4, their biggest drop since June 7, if losses hold 
    ** Electricity retailer posts FY net profit from continuing
operations NZ$103 million ($61.10 million), down 78%
    ** Posts 24.8% rise in revenue from cont ops to NZ$2.73
billion
    ** Expects FY24 ordinary dividend of 23.3 NZ cents per
share, up 6.9% on FY23
    ** Stock hits lowest level since July 28
    ** Stock up 18.5% this year as of last close


($1 = 1.6858 New Zealand dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com))