Australia's Rectifier Technologies drops most in 15 months, scraps dividend

Rectifier Technologies

28/06/2021 06:18

** Rectifier Technologies  RFT.AX  drops as much as 18.9% to
A$0.030, its worst intraday pct fall since March last year
    ** The power rectifier maker says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02388525-3A569498?access_token=83ff96335c2d45a094df02a206a39ff4
 will not declare dividends for FY21 due to expected reduction
in earnings for the year
    ** Prelim outlook for FY21 revenue is of between A$11 mln
($8.35 mln) and A$12 mln, down from A$16.7 mln recorded in FY20
    ** Sees FY21 net profit after tax between A$200,000 and
A$700,000, down from A$1.9 mln a year ago
    ** Expected decline in earnings due to reduced customer
spending impacting RFT's sales, and supply shortages due to
coronavirus restrictions
    ** Stock hits lowest since May 2020
    ** About 8.8 mln shares change hands, compared with the
30-day average of more than 1.2 mln shares
    ** Stock down 2.6% this year, as of last close


($1 = 1.3175 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))