It's a rough earnings season day for the S&P/ASX 200 Index (ASX: XJO) and these three stocks aren't helping it regain ground.
The ASX 200 is down 0.32% at 7,291.1 points at the time of writing.
But that's nothing compared to the following companies which are falling as much as 5.8% right now on the release of earnings updates.
Let's take a closer look at what's got the market bidding them lower.
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3 ASX 200 stocks tumbling on half-year results
First up, stock in Nine Entertainment Co Holdings Ltd (ASX: NEC) is struggling on Thursday after the ASX 200 company posted its first-half earnings. Its stock is down 3.4% right now, trading at $1.99 a share.
The entertainment giant revealed a 5% lift in revenue, increasing to $1.4 billion, but sinking profits. Its net profit after tax (NPAT) dropped 16% to $190 million.
The company also slashed its interim dividend by 14% to 6 cents per share, fully franked.
That was despite its subscription revenues lifting around 9%, excluding its 60%-owned Domain Holdings Australia Ltd (ASX: DHG).
The real estate-focused business posted a 19% fall in earnings before interest, tax, depreciation, and amortisation (EBITDA), coming in at $49.3 million, amid a weaker property market.
Joining the ASX 200 entertainment company in the red is dairy product producer Bega Cheese Ltd (ASX: BGA). Its share price is falling 5.83% right now to trade at $3.39.
While the company's statutory revenue lifted 11% last half to $1.67 billion, its earnings before interest and tax (EBIT) more than halved, coming in at $20 million. It declared a 4.5 cent per share fully franked dividend for the period – marking an 18% drop.
The company's branded segment saw 13% growth reflecting price increases and volume growth while revenue in its bulk dairy leg lifted 2% on the back of high dairy commodity prices, but was limited by lower milk availability.
It expects price and mix initiatives will offset cost inflation on a monthly run basis by the end of this fiscal year, with benefits realised in financial year 2024.
Finally, ASX 200 financials stock Insignia Financial Ltd (ASX: IFL) is plunging 4.76% right now to trade at $3.305 apiece.
The financial services provider posted $94.4 million of underlying NPAT for the first half this morning. That marked a 17.1% fall on that of the pcp.
Its funds under management and administration fell $5.5 billion to $285.1 billion as negative market performance took its toll.
Insignia Financial declared a 10.5 cent per share interim dividend – down from 11.8 cents per share in the pcp. CEO Renato Mota commented:
We continue to progress our integration and simplification priorities, delivering ahead of a three-year timeline and accelerating synergy benefits alongside prudent cost control. Our ongoing commitment to simplification and improved focus across the business has been demonstrated through various milestones.
