Shares in real estate agency group McGrath have plunged to an all-time low after the business warned that its full-year earnings will be lower than expected.
McGrath’s shares had plunged more than 22 per cent, or by 13.5 cents, to 47.5 cents by 1032 AEDT. Just after opening, at 1004 AEDT, they were trading at 45.5 cents.
That is their lowest since listing on the share market two years ago.
The firm says it has had a weaker-than-expected first four months of trading largely due to weak company owned sales, with listings in most of its markets down and fewer agents.
It also blamed government policy changes around foreign buyers and developers, and tightened lending requirements.
The company has not provided specific earnings g…
Read the full article at: http://www.sbs.com.au/news/article/2017/11/06/mcgrath-shares-plummet-profit-warning