New Zealand's Steel & Tube Holdings hits over 3-week high on upbeat outlook

Steel & Tube Holdings

24/02/2020 24:48

** Shares of Steel & Tube Holdings Ltd  STU.NZ  rise as much
as 2.5% to NZ$0.82, their highest since Jan. 30 
    ** Steel products maker says it expects better H2 compared
with H1  urn:newsml:reuters.com:*:nGLFjWX7j
    ** Excluding items, co's H1 earnings before interest and
taxes came in at NZ$5.7 mln ($3.61 mln), compared with NZ$9.7
mln a year earlier
    ** STU posts HY loss attributable of NZ$37 mln, compared
with a profit of NZ$5.6 mln a year earlier, mainly due to a
one-time goodwill impairment of NZ$37.1 mln
    ** Co had flagged the impact of debt write-offs and
restructuring costs on H1 earnings  urn:newsml:reuters.com:*:nFWN27V10Q
    ** Stock had risen 1.3% this year, as of last close

($1 = 1.5770 New Zealand dollars)

 (Reporting by Arpit Nayak)
 ((Arpit.Nayak@thomsonreuters.com;))