Australia's Soco Corp hits record low on first-half forecast

Soco

18/12/2023 03:26

** Shares of Soco Corp Ltd  SOC.AX  fall as much as 20% to
an all-time low of A$0.180
    ** Stock posts its biggest intraday pct fall ever 
    ** Information technology consultancy co sees 1H FY24
revenue (excluding AxSym Technology) of A$1.4 mln ($937,720),
lower than 1H FY23
    ** Co completed acquisition of AxSym Technology in Nov 
    ** Says lower revenue is forecast to reduce 1H FY24
operating EBITDA to A$0.2 mln 
    ** Co had reported unaudited statutory NPAT of A$1.5 mln in
FY23 
    ** However, co sees improved 2H FY24 
    ** About 207,950 shares change hands, compared with the
30-day average trading volume of 39,137 shares 
    ** Stock down 25% this year, as of last close 
($1 = 1.4930 Australian dollars)

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