Australia's Southern Cross jumps most since Feb on improved earnings view

Southern Cross Electrical Engineering

07/06/2022 02:12

** Shares of Southern Cross Electrical Engineering  SXE.AX 
jump as much as 7.8% to A$0.625, their biggest intraday pct gain
since Feb 28
    ** The electrical and communication services provider
expects FY22 revenue of about A$550 mln ($394.74 mln), compared
with previous target of A$500 mln  urn:newsml:reuters.com:*:nASX3Vd7BY
    ** Adds it expects to post FY22 EBITDA of over A$34 mln, up
from prior estimate of A$29 mln - A$33 mln
    ** Stock hits its highest since May 12
    ** More than 380,000 shares change hands, vs the 30-day
average volume of ~200,000 shares
    ** Stock down 3.3% this year, as of last close
 
    ($1 = 1.3933 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))