Embattled real estate company McGrath Limited has delivered another blow to shareholders after the business cut its full-year guidance by 50 percent.
McGrath Limited said one-off cash costs have brought the companys full-year guidance to between $5 and $5.5 million down from the $10.6 million to $11.6 million forecast in January.
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Newly-appointed CEO Geoff Lucas said it was important that the market was aware of “the right baseline financial position” of the business and blamed the profit downgrade on “reduced sales volumes”.
“At the core of the McGrath business is a high quality and well res…
Read the full article at: https://finance.nine.com.au/2018/03/12/10/43/mcgrath-shares-fall-as-real-estate-business-downgrades-profit