Australia's Tabcorp hits over 4-year low on swinging to FY loss

Tabcorp Holdings

28/08/2024 02:30

** Shares of bookmaker Tabcorp  TAH.AX  fall as much as 15%
to A$0.480 - their lowest since April 2020
    ** Co swings to FY loss of A$1.36 bln ($923.17 mln) vs
profit of A$66.5 mln last year
    ** Posts FY underlying profit of A$28 mln, missing consensus
estimate of A$37 mln
    ** Records non-cash impairment charge of A$1.38 bln, after
tax, relating to wagering assets 
    ** Says impairment reflects slower than expected recovery in
Australian wagering market, driven by higher inflation and
interest rates which has impacted consumer spending 
    ** Stock top loser on ASX 200 benchmark index  .AXJO 
    ** As of last close, stock down 32.3% YTD


($1 = 1.4732 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))