Australia's Simonds Group swings to profit, set for best day in 1 month

Simonds

12/02/2024 24:29

** Shares of Simonds Group  SIO.AX  advance as much as 12.8%
to A$0.220, set to post their best day since Jan 11, if gains
hold 
    ** The home builder posts a turnaround to profit after tax
of A$2.5 mln ($1.63 mln) for HY, from a loss of A$12.7 mln last
year; records first profit after two straight years of losses  
    ** Says profit growth is due to impact of lower operating
costs and expanding margins on jobs 
    ** Adds HY revenue was A$337 mln, compared with A$382.2 mln
a year ago 
    ** Shares hit highest since Jan 18 
    ** Stock has fallen ~7.1% this year, as of last close

    ($1 = 1.5330 Australian dollars)

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