NZ's Scott Technology falls as co swings to HY loss, scraps dividend

Scott Technology

08/05/2020 01:23

** NZ's Scott Technology  SCT.NZ  falls as much as 6.5% to
NZ$1.720 in worst intraday session since Apr. 21
    ** Automation and robotics solutions provider swings to a HY
net loss after tax of NZ$13.7 mln ($8.34 mln), compared to a
profit of NZ$5.2 million in the corresponding period last year
 urn:newsml:reuters.com:*:nFWN2CP1S9
    ** Says results reflects lower volumes and lost overhead
recoveries, along with the impact of COVID-19 in the second
quarter
    ** Adds it will not pay an interim dividend for the year
ending Aug.31, 2020
    ** "COVID-19 will have a material impact on FY20 results,
with travel restrictions and access to customer sites affecting
Scott's ability to design, progress and commission a number of
projects"- co
    ** Says co will undertake business restructuring to
streamline ops and cut costs 
    ** Stock down nearly 16% so far this year, as of last close
($1 = 1.6426 New Zealand dollars)

 (Reporting by Shruti Sonal in Bengaluru)
 ((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26))