Australia's PWR Holdings faces worst session ever on lower profit forecast

PWR Holdings

19/11/2024 23:38

** Shares of PWR Holdings  PWH.AX  slump as much as 24.2% to
A$6.88, set for worst session ever - if current losses hold
    ** Auto parts maker says it expects H1 FY25 net profit after
tax of A$3.2 mln-A$3.7 mln ($2.09 mln-$2.42 mln), lower than the
year-ago period's A$9.8 mln 
    ** Says forecast fall due to lower revenue in two key
markets and higher production costs 
    ** Forecasts HY revenue of A$61.9 mln vs A$64.2 mln in PCP 
    ** Shares hit lowest level since early July 2022, down for
third straight day 
    ** Including day's moves, stock has fallen ~28.4% this year

($1 = 1.5309 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))