After heavy losses over the past week, the S&P/ASX 200 Index (INDEXASX: XJO) is bouncing back today to be up by 1.74% at the time of writing. Despite the majority of the index in the green, there are still those that are trading lower.
So, here are three ASX 200 shares that are falling today. Let's take a look at why each of these companies has moved lower.
Perenti Global Ltd (ASX: PRN)
The Perenti Global share price is currently down by 5.87% today to be trading at $1.332. Perenti is a diversified mining services company with key operations in Australia and Africa.
The decline in the company's share price today appears to be linked to some profit taking by investors. A strong gain in the Perenti share price over the last two trading days has seen shares move 9.2% higher.
On Wednesday last week, Perenti delivered half-year revenue of $1 billion which was up 5.3% on the prior corresponding period. Further, Perenti reported that its earnings before interest and tax (EBIT) came in 7.7% higher and the group has a strong pipeline moving forward.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price has fallen by 4.55% so far today to be currently trading at $0.315. Today's loss is on top of a 17.5% decline in its share price since 21 February.
This sharp decline appears to be linked to a negative market reaction to the release of Mayne's financial results for the six months to December 2019. Mayne shares dropped 6.25% lower on the day (21 February), likely exacerbated by the market turmoil due to the coronavirus.
Mayne Pharma recorded a 17% decline in revenue to $227.2 million and a 42% decline in underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to $47.4 million. The company's performance was negatively impacted by price deflation in the generic drugs market in the United States. Unfortunately, it appears likely that this trend is set to continue at least for the short term.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is currently down by 3.4% today to be trading at $8.720 at the time of writing. Collins Foods operates KFC outlets throughout Europe and Australia as well as Sizzler restaurants in Australia and Asia.
Sizzler restaurants have suffered a decline in popularity in Australia over the last decade, with locations gradually closing. Last month, the closure of the Sizzler located in Rockhampton's Stockland Shopping Centre was announced. The closure leaves the number of Sizzler restaurants operating in Australia at just 9, located across Queensland, New South Wales, and Western Australia.
Despite the decline in its Sizzler operations, Collins Foods reported a 9.2% increase in revenue in HY20 to $448.8 million, with underlying net profit after tax (NPAT) up by 9.1%.
