Brief: Steel & Tube Holdings Sees HY EBIT To Be A Loss Of About NZ$36 Mln - NZ$37 Mln

Steel & Tube Holdings

30/01/2020 20:08

Jan 31 (Reuters) - Steel & Tube Holdings Ltd  STU.NZ :
    * FOR SIX MONTHS EXPECTING UNAUDITED EBIT TO BE A LOSS OF
ABOUT
NZ$36M - NZ$37M
    * FOR SIX MONTHS NON-CASH IMPAIRMENT CHARGES OF
APPROXIMATELY
NZ$37M ARE EXPECTED
    * FOR HY UNAUDITED EBIT ALSO IMPACTED BY AROUND NZ$2M OF
PROJECT
STRIVE EXECUTION COSTS AND NZ$2M OF DEBT WRITE-OFFS
    * CONTINUING TO REVIEW BUSINESS OPERATING MODEL WHICH MAY
RESULT
IN FURTHER RESTRUCTURING COSTS
    * H1 SALES REVENUE AND VOLUMES EXPECTED TO BE DOWN ABOUT 10%
ON
PCP
    * AN IMPROVED SECOND HALF IS EXPECTED WITH SOME SIGNIFICANT
PROJECT SUCCESSES POST-BALANCE DATE
    * BOARD CONTINUES TO SUPPORT PROJECT STRIVE TURN-AROUND
STRATEGIES
BEING EXECUTED BY MANAGEMENT

Source text for Eikon:  urn:newsml:reuters.com:*:nNZW9hghSZ
Further company coverage:  STU.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))