post-image

NVA stocks plunge as Hertz stock slips on Brexit concerns

Information

The Australian NVA stock market plunged on Friday as concerns about Brexit led to a fall in Hertz.

The company reported a loss of $4.5 million in the quarter ended March 30.

That was lower than the previous three quarters of the year, but still a large loss for a company that has been growing.

“It was a disappointing quarter for Hertz as well as the entire Australian economy,” said Richard Dorsch, chief executive officer of Australian NVAS stockbrokers.

“As well as lower market volumes, the company’s financial performance was disappointing as well.”

The loss was due to lower growth in its domestic market, lower sales volumes and a decline in net profit.

“In addition, there was a substantial reduction in revenue and cash flow as a result of the Brexit impact.”

However, Hertz remains very competitive in the industry.

“Mr Dorsche said the loss in the third quarter was due in large part to a decline of around 1 per cent in the revenue that it reported for the quarter.”

We expected the company to increase revenue in the coming quarter, but unfortunately we were disappointed to see a decline due to Brexit,” he said.”

While it’s still early days, we believe the company can regain some momentum and we look forward to a more solid financial performance in the fourth quarter.”‘

Unprecedented’ stock market turmoilThe market’s reaction to Hertz’s report was immediate, with a spike in the share price.”

I think the market reaction was unprecedented,” Mr Dorschi said.”[The report] was a reflection of what the market was seeing at the moment.”‘

The market reaction to [Hertz] was unprecedented’The Australian market is known for its volatility and there is no shortage of companies that have suffered the consequences of a sudden dip in the market.”

There’s no doubt there’s a lot of angst going around that’s not helping the company,” Mr O’Brien said.

But he was optimistic about the future.”

One thing we’ve been trying to do with the company is make sure that the fundamentals are there, so I think we’re just about in a position where we can turn things around,” he added.”

My hope is that we’ll be able to bring a good return on our investment in the company.

“Topics:stockmarket,business-economics-and-finance,business,stocks,financial-market,corporate-governance,financials,investment-and_finance-industry,markets,businessed-investment,stocks-and/or-equities,hertsons-2450,southern-australiaMore stories from Victoria

Tags:
,