Australia's Pioneer Credit faces worst day in more than 2 years on forecast cut

Pioneer Credit

02/08/2022 03:26

** Shares of financial services provider Pioneer Credit Ltd
 PNC.AX  fall as much as 19.3% to A$0.335 - set to mark their
worst session since April 14, 2020, if losses hold
    ** PNC cuts FY EBITDA forecast to A$60.7 mln ($42.56 mln)
from more than A$64 mln  urn:newsml:reuters.com:*:nASX8PZjSM
    ** Return to statutory profit will not occur during FY22 as
forecast in March - co
    ** Forecast cut follows a decision to withdraw sale of co's
non-core portfolio, expected to realise about A$4 mln - co
    ** Shares touch their lowest since Oct. 9, 2020
    ** More than 248,000 shares change hands, compared with the
30-day average volume of about 50,000 shares
    ** Stock had fallen 21.7% this year, as of last close

($1 = 1.4263 Australian dollars)

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))