NZ's Steel & Tube Holdings drops on weak quarterly earnings

Steel & Tube Holdings

15/11/2024 01:22

** Shares of Steel & Tube Holdings  STU.NZ  fall as much as
7.8% to NZ$0.830, their lowest level since mid-Dec. 2020
    ** Steel solutions provider says revenue for the first four
months of FY was NZ$141.7 mln ($82.78 mln), down NZ$41.6 mln
from a year before
    ** Adds, for the first four months of FY normalised EBIT was
a loss of NZ$5 mln, versus a profit of NZ$9.5 mln from a year
earlier
    ** About 150,00 shares change hands by 0117 GMT, 3.7 times
30-day average volume of shares
    ** Stock has fallen 16.7% YTD, as of last close

($1 = 1.7117 New Zealand dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))