With the share market in selloff mode on due to coronavirus concerns, it will come as no surprise to learn that a number of shares sank notably lower.
Three shares that fell so much they hit 52-week lows are listed below. Here's why they are down in the dumps:
Crown Resorts Ltd (ASX: CWN)
The Crown Resorts share price dropped to a multi-year low of $10.67 this morning. Investors have been selling the casino operator's shares amid concerns over the impact of the coronavirus outbreak on its business. This comes at a time when Crown is already struggling with subdued VIP play. In the first half, the company reported an 11% decline in normalised net profit after tax to $172.7 million. If the coronavirus sticks around for longer than expected, this could weigh heavily on visitor numbers and ultimately its second half profits.
G8 Education Ltd (ASX: GEM)
The G8 Education share price tumbled to a seven-year low of $1.65 today. This follows the release of the childcare centre operator's full year results on Monday. For the 12 months ended December 31, G8 Education reported a 7.2% increase in revenue to $920.1 million but a 3.9% decline in underlying net profit after tax to $76.4 million. The decline in profits was driven by a sharp increase in operating expenses due to its investment in quality, as well as the ramp‐up of its greenfield portfolio. Looking ahead, management warned that trading conditions have deteriorated due to the bushfires and coronavirus outbreak.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price sank to a multi-year low of 32 cents on Tuesday. Investors have been heading to the exits in their droves this month following the release of the pharmaceutical company's disappointing half year result. In the first half of FY 2020, Mayne Pharma posted a 17% decline in revenue to $227.2 million and a 42% decline in underlying EBITDA to $47.4 million. Sustained price deflation in the generic drugs market in the United States has weighed heavily on its performance and shows no signs of easing any time soon.
