Australia's Pro-Pac Packaging set for worst day in nearly 2 years on dim outlook

Pro-Pac Packaging

13/05/2022 02:16

** Shares of Pro-Pac Packaging Ltd  PPG.AX  slump up to
14.2% to A$1.15, their sharpest intra-day fall since July 2020
    ** The packaging products maker says performance in April
was below expectations and sees this to continue into the next
two months  urn:newsml:reuters.com:*:nASX5KkZSN
    ** PPG flags headwinds from supply chain bottlenecks, rising
costs and hit to productions form labour shortages amid the
pandemic
    ** Says raw material supply constrained as a result of sea
freight restrictions and supply bottlenecks in Asia and Europe
    ** Expects FY22 underlying profit before tax about A$5 mln
($3.44 mln), compared to A$18.8 mln last fiscal
    ** Stock hits its lowest since April 8
    ** About 130,000 shares change hands, compared with the
30-day average volume of 29,000
    ** PPG down 7.3% this year, as of last close


($1 = 1.4537 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))