Business
Huon (ASX:HUO) share price sinks on profit downgrade and write-downs
The Huon Aquaculture Group Ltd (ASX: HUO) share price got hit by a shock profit downgrade as it was hit by a series of unfortunate events.
The HUO share price is like a fish out of water. It slumped 7.8% to $2.82 in late morning trade even as the S&P/ASX 200 Index (Index:^AXJO) jumped 1%.
The salmon farmer warned investors that its FY21 earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to take a big hit compared to last year when it turned in an EBITDA of $47.3 million.
Huon also said it expected to take an impairment charge for the year with its market cap trading below the book value of its assets.
Multiple factors drowning the HUO share price
Management didn’t quantify the damage but investors…
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