Australia's Pro-Pac Packaging falls to over 1-yr low on profit forecast cut

Pro-Pac Packaging

20/12/2021 03:12

** Shares of packaging products maker  PPG.AX  slide as much
as 6.6% to A$1.550, their lowest since Sept. 18, 2020
    ** Co expects 1H22 underlying profit before tax to be about
A$4 mln ($2.85 mln), compared with A$7.1 mln forecast
earlier urn:newsml:reuters.com:*:nASX53fLDk
    ** PBG cites "significant" impact on global supply chains
and labour costs for forecast cut
    ** Says labour shortages continue to impact its Flexibles
business and the recovery of inflationary costs will be delayed
by approximately a month
    ** Adds its Industrial business continues to be impacted by
global shipping delays
    ** Stock set for biggest intraday pct. drop since Dec. 10
    ** As of last close, stock down 17% this year

($1 = 1.4051 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))