Credit Corp’s Net Profit Hit Amid COVID-19 Pandemic | ASX Market Update

Oil Search has warned of a multi-million-dollar asset impairment charge as the economic downturn sparked by the coronavirus pandemic has lowered the value of the company. The major resource group flagged a non-cash impairment charge between $A517 ($US360m) and $A575m ($US400m), due to prevailing economic conditions dampening the outlook for global oil and gas prices. The impairment charge comes ahead of the group’s interim results which are scheduled to be released on August 25.

Credit Corp (ASX:CCP) expects NPAT for FY20 to be in the range of A$10-15 million after accounting for the impairment cost on purchased debt ledger assets and COVID-19 associated costs. Before the impairment cost, NPAT for FY20 anticipated to be in between A$75-A$80 million. Moreover, the Company disclosed that it enters FY21 in a robust position without any net debt and undrawn lines of A$375 million.

Sezzle Inc (ASX:SZL) completed its capital raising of A$79.1 million via a fully underwritten institutional placement. The Placement priced at $5.30 per CHESS Depositary Interest and was well supported by Sezzle’s existing as well as new CDI holders. Moreover, the Company disclosed that funds shall be used for accelerating growth strategy of Sezzle and strengthening its balance sheet. Post announcement, SZL quoted at A$8.480, up by 22.158% at AEST 11:56 AM.

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