NZ's Sky Network soars most in 18 months on cost cuts, upgraded forecasts

Sky Network Television

06/12/2021 21:52

** NZ broadcaster's shares  SKT.NZ  rise as much as 20.6% to
NZ$2.11; stock eyes best day since May 25, 2020
    ** Company raises FY22 net profit after tax outlook to NZ$40
mln-NZ$48 mln, from previous range of NZ$17.5 mln-NZ$27.5 mln
 urn:newsml:reuters.com:*:nNZW3JptLt 
    ** Sees FY22 revenue between NZ$725 mln and NZ$745 mln, up
from previous outlook of NZ$715 mln-NZ$745 mln
    ** Capital expenditure for the year now expected between
NZ$45 mln and NZ$50 mln, vs previous forecast of NZ$50 mln-NZ$60
mln
    ** About 350,000 shares change hands vs 30-day avg of about
242,000 shares
    ** Stock top percentage gainer on New Zealand's benchmark
S&P/NZX 50  .NZ50  index
    ** SKT has added 8.7% so far this year, as of last close

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))