It has been another positive day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is up 0.4% to 7,536.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Image source: Getty Images
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down 5% to 40 cents. This follows the release of another disappointing full year result. For the 12 months ended 30 June, the struggling infant formula company reported a loss after tax of $74.7 million. This follows a sharp decline in sales, weaker margins, and a $44.6 million non-cash impairment. Bubs was left with a cash balance of $27.9 million, which management believes is sufficient to fund its FY 2022 growth plans.
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price is down 3% to $5.38. This is despite the retail giant delivering a record profit in FY 2021. For the 12 months ended 30 June, Harvey Norman posted a 15.3% increase in total aggregated sales to $9,491 million and a 63% jump in profit after tax to a record $743.1 million. Overshadowing this was news that sales were down sharply in July and August due to lockdowns.
Mesoblast limited (ASX: MSB)
The Mesoblast share price has crashed 14% to $1.69. Investors have been selling the biotech company's shares following the release of its full year results. Mesoblast burned through more cash in FY 2021, ending the period with a loss after tax of US$99 million. However, the biggest impact to its share price was likely news that it will have to run another COVID ARDS trial in the US before being considered for emergency use. This will come at a cost, sparking fears that another capital raising will be required.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price is down 3.5% to $2.47. Investors have been selling the gold miner's shares after it reported a 27% decline in net profit after tax to $146 million in FY 2021. This was driven by an increase in costs, which offset stronger production and pricing.
