Australia's Netwealth falls most in nearly 11 months on HY profit miss

Netwealth

15/02/2022 23:55

** Shares of Netwealth Group Ltd  NWL.AX  slide as much as
13.5% to A$12.84 - their biggest intraday pct loss since March
25, 2021
    ** The wealth manager says H1 net profit attributable fell
1.8% to A$27.1 mln ($19.37 mln) from a year ago, missing a Citi
estimate of A$30 mln  urn:newsml:reuters.com:*:nGLFXd76h
    ** Citi says that while cash flow conversion continues to be
strong, operating cash flow of A$31 mln missed estimate of A$36
mln due to higher operating expenditure and higher-than-expected
cash taxes
    ** Stock hits its lowest since May 20, 2021
    ** Netwealth stock down 16.1% this year, as of last close

    ($1 = 1.3990 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))