Spark New Zealand hits 2-month low on forecast miss

Spark New Zealand

23/08/2024 02:06

** Shares of Spark New Zealand  SPK.NZ  fall as much as 7.2%
to NZ$3.980, their lowest since June 25 
    ** Telecommunication firm posts 72.2% decline in reported
NPAT for FY24 and 14% decline in revenue on reported basis
    ** Co posts FY24 EBITDAI of NZ$1.16 bln ($712.36 mln),
missing a lowered forecast of NZ$1.17 bln to NZ$1.21 bln
    ** Says public sector spending cuts impacted IT services
rev, while mobile devices and accessories sales were hit by
lower household and business spending
    ** Co sees FY25 EBITDAI between NZ$1.17 bln and NZ$1.22 bln 
    ** Stock down 17.2% YTD, as of last close 
   
($1 = 1.6284 New Zealand dollars)

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