Lifestyle Communities (ASX: LIC) Shares Plunge on Withdrawal of Forward-Looking Outlook

July 19, 2024 10:52 AM AEST | By Team Kalkine Media

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Lifestyle Communities (ASX: LIC) Shares Plunge on Withdrawal of Forward-Looking Outlook — Image source: David Gyung|Shutterstock

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Shares of Lifestyle Communities (ASX: LIC) experienced a dramatic slump on Friday, dropping as much as 14.57% to AU$9.44 during early morning trading hours, reaching their lowest point in nearly four years. This significant decline positions the company as the top loser on the benchmark index (XJO).

Withdrawal of Forward-Looking Outlook

The real estate rental company announced its decision to withdraw all forward-looking outlook statements. This move comes as the company finds it challenging to quantify the potential impact of recent media coverage on future sales. The uncertainty surrounding future performance has likely contributed to the sharp decline in share price.

Recent Legal Allegations

Lifestyle Communities recently faced allegations from a group of homeowners, brought forth in the Victorian Civil and Administrative Tribunal. The company has rejected these allegations, but the legal dispute has added to the uncertainty and negative sentiment among investors.

Financial Performance

Despite the recent turmoil, Lifestyle Communities expects its FY24 operating profit after tax to be in the range of AU$52.4 million (US$35.08 million) to AU$53.4 million. However, the stock has already fallen approximately 38.8% year-to-date as of the last close, reflecting broader concerns about the company's future prospects.

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