NZ Automotive Investments jumps most in about 5 years on upbeat FY results, outlook

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29/05/2023 24:00

** Shares of NZ Automotive Investments Ltd  NZA.NZ  jump as
much as 21.7% to NZ$0.280, posting their biggest intraday pct
gain since Aug 24, 2018
    ** The New Zealand-based automotive co posts 25.4% to
NZ$82.7 mln ($52.46 mln) in FY total revenue 
    ** Posts FY underlying NPAT NZ$2.0 mln, up 18% 
    ** Says FY vehicle sales up 6% to 8,367 units 
    ** Says co anticipates recommencing dividend payments in
HY24
    ** Says assuming favourable supply and trading conditions,
FY24 NPAT expected to double to between NZ$3.8 mln and NZ$4.2
mln
    ** Shares hit their highest level since May 9
    ** NZA stock down 29.2% YTD, as of last close 
    
($1 = 1.5763 New Zealand dollars)

 (Reporting by Echha Jain in Bengaluru;editing by Diane Craft)
 ((Echha.jain@thomsonreuters.com))