PNX4 closed below par at 990 on 05 April 2021. This is despite Phoenix (PNX) declaring a fourth quarter turn-around to profitability. PNX earned 158 Million in the fourth quarter of 2020 turning around the result for 2020 to a net income of 63 Million.
Earlier on 23 March 2021, PNX has authorized management to enter into agreements for the sale or mortgage of its assets, proceeds of which shall be used for debt management.
PNX is yet to release its 2020 financial results but as of 30 September 2020 it has a total current interest-bearing loans and borrowings of 37.8 Billion. Total current liabilities as of that period amounted to 41.5 Billion while total current assets amounted to only 30.4 Billion.
This is not the first time that PNX4 has traded below par. PNX4 traded at a 52-week low of 930 on 24 August 2020. So far PNX is able to pay dividends on PNX4. The next dividend declaration date is in May 2021.
As disclosed PNX4 at par yields 7.5673%. PNX4 declining below par juices the yield further.
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