In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a small decline. At the time of writing, the benchmark index is down slightly to 7,112.2 points.
Four ASX shares that are falling more than most are listed below. Here's why they are sinking:
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AGL Energy Limited (ASX: AGL)
The AGL share price is down 4% to $7.81. Investors have been selling this energy company's shares after the release of disappointing full year results for FY 2022. AGL reported an underlying profit after tax of $225 million, which was down 58% year over year.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel share price is down over 5% to $18.14. This follows the release of the medical device company's guidance for FY 2023. The company revealed that it expects to report revenue of NZ$670 million and net profit after tax of NZ$85 million to NZ$95 million. This will be a big decline on the prior corresponding period which saw revenues of NZ$900 million thanks to COVID tailwinds.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 9% to $2.69. This morning this poultry company posted a 57.9% decline in net profit after tax to $35.1 million for FY 2022. Management blamed this on higher feed costs and supply chain disruptions. Inghams was forced to slash its dividend by 58% to 7 cents per share due to its lower profits.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is down over 13% to $5.74. This follows the release of the telco giant's half year results. TPG reported an adjusted net profit after tax of $331 million, which was up 3.8% over the prior corresponding period. According to a note out of Goldman Sachs, TPG's profits missed by 15%. It also highlights "disappointing opex and Mobile ARPU growth."
