PGG Wrightson a stand-out on NZX 50 slides 1.2% to kick-off earnings season
The S&P/NZX 50 index dropped 1.18% to 12,759.68 points on Tuesday as earnings season kicked off with PGG Wrightson's full-year result. Across the market, 46.4 million shares worth more than $168.1m traded.
The rural services firm’s share price lifted 4.07% to $2.56 after it reported operating revenue had climbed 6% to $975.3m. It reported a net profit after tax (npat) of $10.7m, up $7.6m on the prior year.
Harbour Asset Management portfolio manager, Shane Solly, called the result "a ripper" and highlighted that PGG Wrightson (PGW) traded at $1.53 as recently as December last year.
"Well done. Those guys have been through a tough time. We know that PGW is a cyclical business and they've been doing a lot of work to improve that," he said. "There is a reason to own these businesses at low points in the cycle. Today is one of them."
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