Australia's Midway trims FY25 outlook as customer defaults; shares tank

Midway

13/12/2024 04:08

** Shares of Midway  MWY.AX  fall as much as 10.8% to A$1.11,
posting their biggest intraday pct fall since Sept. 19
    ** Wood fiber producer hits lowest level since Nov. 12
** Co says Shandong Chenming Paper Holdings, a major customer,
has defaulted on their contract with co
    ** Says Chenming failed to produce Letters of Credit (LCs)
on two shipments under their contract; says unlikely Chenming
will produce the LCs under the contract
    ** Co sees FY25 EBITDA-S result at the lower end of its A$10
mln ($6.36 mln) to A$15M range due to the default
    ** Stock up nearly 81% YTD as of last close 
       
     
     
    ($1 = 1.5718 Australian dollars)

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