Rakon shares drop as major network operators delay spending, prompting profit warning

Fri, 29 Jan 2016

By Paul McBeth Jan. 29 (BusinessDesk) - Rakon shares fell 6.7 percent after the high-tech components maker warned annual earnings will miss forecast because major network operators have delayed their spending on new equipment. Underlying earnings before interest, tax, depreciation and amortisation is expected to be between $9 million and $10 million in the year ending March 31, down from a previous forecast of $15.4 million, the Auckland-based company said in a statement. Rakon reported underlying ebitda of $15.4 million in 2015. The sha...

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