BUZZ-Australia's PWR Holdings faces worst session ever on lower profit forecast

Reuters
20 Nov 2024
BUZZ-Australia's PWR Holdings faces worst session ever on lower profit forecast

** Shares of PWR Holdings PWH.AX slump as much as 24.2% to A$6.88, set for worst session ever - if current losses hold

** Auto parts maker says it expects H1 FY25 net profit after tax of A$3.2 mln-A$3.7 mln ($2.09 mln-$2.42 mln), lower than the year-ago period's A$9.8 mln

** Says forecast fall due to lower revenue in two key markets and higher production costs

** Forecasts HY revenue of A$61.9 mln vs A$64.2 mln in PCP

** Shares hit lowest level since early July 2022, down for third straight day

** Including day's moves, stock has fallen ~28.4% this year

($1 = 1.5309 Australian dollars)

(Reporting by Archishma Iyer)

((Archishma.Iyer@thomsonreuters.com;))

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