NZ's Steel & Tube Holdings hits over 28-year low on loss forecast

Steel & Tube Holdings

30/01/2020 22:31

** Shares of Steel & Tube Holdings  STU.NZ  fall as much as
9.4% to NZ$0.77, their lowest since Dec. 19, 1991
    ** Steel products maker expects half-year earnings before
interest & tax to be a loss of NZ$36 mln-NZ$37 mln ($23.7
mln-$24.4 mln) urn:newsml:reuters.com:*:nNZW9hghSZ
    ** Results to be hurt by a one-off impairment charge of
about NZ$37 million due to reduction of carrying value of
goodwill
    ** Co also in the process of reviewing business model, flags
further possible restructuring costs
    ** Stock posts its biggest intraday percentage fall since
Nov. 18, 2019
    ** Over 450,000 shares change hands, compared with the
30-day average volume of ~120,00
    ** Stock up 7.6% this year, as of last close


($1 = 1.52 New Zealand dollars)

 (Reporting by Arundhati Dutta in Bengaluru)
 ((Arundhati.dutta@thomsonreuters.com))