Embattled property group McGrath Limited has cut its full year earnings guidance by half, saying the impact of reduced sales volumes has affected the company more significantly than previously contemplated.
The company expects to generate underlying full-year earnings of between $5 million and $5.5 million, down from between $10.6 million and $11.6 million announced in January.
McGrath said statutory earnings are expected to be between $1 million and $1.5 million, after approximately $4 million in expected on-off cash costs.
The earnings cuts comes following an initial review of the company’s accounts and operations by McGrath’s newly appointed board and chief executive, which found the profit momentum was not consistent with the previous…
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