Why Cettire, Objective Corp, Qantas, and Worley shares are falling today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.55% to 9,177.9 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

Cettire Ltd (ASX: CTT)

The Cettire share price is down 24% to 34 cents. Investors have been selling this online fashion retailer’s shares amid concerns that it could go bust. This morning, Cettire reported a modest decline in sales revenue to $382.8 million and a net loss of $1.1 million. The company also included a going concern statement in its financial accounts, acknowledging a major net current asset deficiency. It said: “The net current asset deficiency and the net loss after tax for the current period gives rise to a material uncertainty in relation to going concern that may cast significant doubt on the Group’s ability to continue as a going concern and to realise its assets and settle its liabilities in the ordinary course of business. Despite these material uncertainties, the directors have considered the performance and position of the Group and consider that the going concern basis is appropriate.”

Objective Corporation Ltd (ASX: OCL)

The Objective Corporation share price is down 7% to $12.91. This follows the release of the information technology software and services provider’s half-year results. Objective Corp posted a 9% lift in revenue to $66.7 million and a 10% increase in net profit after tax to $18.7 million. The company also revealed annualised recurring revenue (ARR) growth of 12% to $120 million. However, this is short of its 15% ARR target.

Qantas Airways Ltd (ASX: QAN)

The Qantas share price is down 9% to $9.71. This is despite the airline operator releasing its half-year results and revealing a profit before tax ahead of consensus expectations. Thanks to growth across the business, Qantas delivered a 6.3% increase in revenue to $12.9 billion. This underpinned a 5.1% increase in underlying profit before tax to $1,456 million, which was around 2% ahead of consensus estimates. A fully franked interim dividend of 19.8 cents per share was declared. This is up 20% on the prior corresponding period.

Worley Ltd (ASX: WOR)

The Worley share price is down 10% to $11.77. This morning, the professional services company reported aggregated half-year revenue of $6,312 million, up 5.4% on the prior corresponding period. However, underlying NPATA was down 4.2% to $207 million and statutory NPATA was down 29.6% to $152 million.

The post Why Cettire, Objective Corp, Qantas, and Worley shares are falling today appeared first on The Motley Fool Australia.

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