Australia's Pro-Pac Packaging hits record low on loss forecast

Pro-Pac Packaging

27/06/2022 06:48

** Shares of packaging products co Pro-Pac Packaging
 PPG.AX  fall as much as 7.9% to a record low of A$0.525
    ** Co lowers FY22 profit before tax guidance to a loss of
A$2.9 mln ($2.01 mln) from a prior estimate of about A$5 mln
profit  urn:newsml:reuters.com:*:nASX3csjp2
    ** Expected loss due to an increase in resin costs, poor
productivity at new plants in Melbourne, Victoria - co
    ** Co may downscale some of its industrial business product
portfolio to focus on debt and manage working capital
    ** Stock posts its biggest intraday pct fall since June 14
    ** More than 102,000 shares change hands, compared with the
30-day average volume of about 65,000 shares 
    ** Stock down nearly 61% this year, as of last close

($1 = 1.4426 Australian dollars)

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