Swedish real estate group Wastbygg drops on profit warning

Wastbygg Gruppen AB (publ)

09/08/2023 12:12

** Shares in Wastbygg Gruppen  WBGRb.ST  dive 13.7% after
the Swedish real estate and construction company posted a profit
warning ahead of Q2 results
    ** The company says its financial result for Q2 2023 has
been hit by restructuring costs, write-downs, and reservations
related to a logistics project
    ** This has led to an expected operating loss of 262 million
Swedish crowns ($25 million) for the quarter, the company adds 
    ** Moreover, it expects to miss the interest coverage ratio
for some lenders & bondholders, potentially affecting those
relationships
    ** Share on track for the worst day ever
    
($1 = 10.6662 Swedish crowns)

 (Reporting By Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))