3 stocks that plunged on ASX – Automotive Holdings, BT Investment Management and Super Retail
Weak FY17 trading update: Automotive Holdings Group Ltd (ASX: AHG) stock lost over 10% on May 25, 2017 post the release of a soft FY17 trading update. The group now forecasts their full year 2017 operating profit after tax to be in the range of A$87m to A$89m. The group’s business in Western Australia, the new vehicle sales market continued to be under pressure which fell 10% year to date in CY2017. Moreover, consumer credit conditions in the automotive financing market further squeezed the margins across the industry, especially in AHG’s online 360 Finance business, and more broadly across the company’s automotive dealerships. East coast auto market was also under pressure with the new vehicle sales falling over 3% against the previous corresponding period for the first four months of CY2017. On the other hand, Refrigerated Logistics seem to move in the right direction. Further, AHG now aims to focus on structural changes to cater to challenging market conditions along with cost management. The group lately acquired a majority stake in the wholesale platform, Carlins Auction Group.
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