Australia's Midway advances on exiting loss-making logistics business

Midway

01/04/2022 06:03

** Shares of wood fibre exporter Midway Ltd  MWY.AX  rise as
much as 10.5% to A$1.050, highest since Feb. 24
    ** Co says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02505801-3A590987?access_token=83ff96335c2d45a094df02a206a39ff4
 exits logistics business in Western Australia, which faced
COVID-induced supply disruptions
    ** Unit Midway Logistics recorded an underlying EBITDA loss
of A$2.7 mln ($2.02 mln) in 2021 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02423797-3A576269?access_token=83ff96335c2d45a094df02a206a39ff4,
 bigger than previous year's A$2.5 mln underlying EBITDA loss
    ** Co says it cannot justify investing additional resources
in the business in the current environment
    ** Stock down 20.83% this year, as of last close

($1 = 1.3373 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com))