In afternoon trade the S&P/ASX 200 Index (ASX: XJO) could be about to end its winning streak. The benchmark index is currently down 0.15% to 6,673.1 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
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Aroa Biosurgery Ltd (ASX: ARX)
The Aroa Biosurgery share price is down 3.5% to $1.27 following the release of its half year results. This morning the soft tissue regeneration company reported a 10% decline in revenue to NZ$9 million because of the pandemic. Things were worse for its earnings, with normalised earnings before interest, tax, depreciation, and amortisation (EBITDA) coming in at a loss of NZ$2.3 million. This compares to positive EBITDA of NZ$2.15 million a year earlier. Management expects to deliver revenue growth in the second half as restrictions ease. This will bring its FY 2021 revenue to at least NZ$21 million.
Straker Translations Ltd (ASX: STG)
The Straker Translations share price is down 6.5% to $1.49. Investors have been selling the translation services company's shares after the release of its half year results this morning. Straker delivered a 9% increase in revenue to NZ$14.8 million and a small operating profit. It appears as though some investors were expecting a stronger result.
Virgin Money UK CDI (ASX: VUK)
The Virgin Money UK share price has crashed 9.5% lower to $2.35. This follows the release of its full year results this morning. For the 12 months ended 30 September, the UK-based bank posted a 77% decline in full year underlying net profit to 124 million pounds. This was driven largely by a huge increase in impairments to 501 million pounds from 153 million pounds in FY 2019. Excluding impairments, operating profit fell 10% to 625 million pounds due to weakening margins and base rate cuts.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven share price has fallen 3.5% to $1.49. This may be due to reports that China is claiming that there is a quality problem with Australian coal. It currently has $700 million worth of the commodity sitting off the coast of two major Chinese ports after banning Australian coal imports in October.
