Australia's RLF AgTech hits record low after downgrading FY24 forecast

RLF AgTech

11/06/2024 01:50

** Shares of RLF AgTech  RLF.AX  fall as much as 31% to an
all-time low of A$0.040
    ** Plant nutrition co expects FY24 revenue to be about A$9
mln ($5.94 mln) vs earlier forecast of A$15 mln to A$16 mln 
    ** FY23 revenue was A$11.3 mln
    ** Co says management has initiated a full review of
business plans and corporate overhead costs
    ** Says it has implemented an immediate cost-reduction
strategy
    ** Says it is undertaking a complete review of its carbon
business activities 
    ** Stock down 47.3% YTD, as of last close
   
($1 = 1.5145 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))