Australia's Netwealth falls after missing FY profit estimates

Netwealth

13/08/2024 02:32

** Shares of Netwealth  NWL.AX  fall as much as 7.2% to
A$20.35, their lowest since May 30
    ** Stock posts its biggest intraday pct fall since April 11
    ** NWL stock logs a third day of consecutive losses
    ** Netwealth is among the top losers in the benchmark index
    ** The financial services firm posts FY NPAT of A$83.4 mln
($54.93 mln), up 24.1% from previous year 
    ** Citi says reported NPAT 1% below its estimates and 3%
below Visible Alpha estimates
    ** Brokerage says the miss was due to lower-than-expected
revenue margin
    ** Dividend of 28 AU cents per share was 7% lower than
Visible Alpha consensus forecast of 30 AU cents per share - Citi
    ** Stock has risen 42.3% this year, as of last close


     ($1 = 1.5184 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))