In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.4% to 7,598.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
Beach Energy Ltd (ASX: BPT)
The Beach share price is down 10% to $1.09. This follows the release of the energy producer's full year results this morning which revealed a 36% decline in net profit to $363 million. In addition, Beach reported a 4% reduction in production to 25.6 million barrels of oil equivalent. A further reduction to 21 million to 23 million barrels of oil equivalent is forecast in FY 2022, together with an increase in unit costs.
Bendigo and Adelaide Bank Ltd (ASX: BEN)
The Bendigo and Adelaide Bank share price has sunk over 9% to $10.06. This follows the release of the regional bank's full year results. Although the bank delivered a result ahead of expectations, margin weakness appears to have spooked investors. The bank's net interest margin reduced by seven basis points to 2.26%. Management advised that this reflects significant growth in fixed lending and competitive new business rates.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 5% to $14.40. Investors have been selling the travel booking company's shares after Australia's COVID crisis worsened. The ACT and Melbourne lockdowns have been extended by two weeks and Greater Darwin and Katherine have gone into a snap 72-hour lockdown. This is another blow to the Australian travel market's recovery.
Lendlease Group (ASX: LLC)
The Lendlease share price has tumbled 7% to $11.69. This follows the release of the global property company's full year results this morning. Lendlease returned to form in FY 2021 and delivered an 83% increase in operating profit. However, its outlook appears to have spooked investors and could be what is weighing on its shares today. Management warned that FY 2022 would be a challenging year.
