Australia's Mighty Craft hits record low on weak quarterly outlook

Mighty Craft

11/07/2023 05:44

** Shares of Mighty Craft Ltd  MCL.AX  hits record low,
sliding as much as 33.8% to A$0.053
    ** Craft drinks co says cost reduction progress already made
including A$4.4 mln ($2.94 mln) of annual cost removed over Q4
FY23  
    ** Adds market conditions will be challenging for craft beer
and premium sprits 
    ** Sees Q4 FY23 sales to be in the range f A$21.0 mln to
A$22.0 mln ($14.05 mln-$14.72 mln), 7.5% lower compared to year
earlier
    ** Stock posts its biggest intra-day percentage fall since
March 18, 2020
    ** Stock has fallen 55.6% so far this year, as of last close
    



($1 = 1.4945 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))