The $S&P/ASX 200 (.XJO.AU)$ is out of form on Thursday and has dropped into the red. At the time of writing, the benchmark index is down 0.6% to 8,022.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
$Cettire Ltd (CTT.AU)$
The Cettire share price is down 15% to $1.13. Investors have been selling this online luxury products retailer's shares following the release of a disappointing full year result. Cettire reported an 81% increase in gross revenue to $978.3 million but a 34% decline in net profit after tax to $10.5 million. This was driven partly by paid customer acquisition expenses, which increased to 9.5% of sales revenue from 8% in FY 2023. Management also warned that the global luxury sector has continued to experience softer trading conditions in FY 2025. This has seen increased promotional activity.
$Mineral Resources Ltd (MIN.AU)$
The Mineral Resources share price is down over 8% to $40.47. This has been driven by the release of the mining and mining services company's full year results after the market close on Wednesday. Mineral Resources reported a 10% increase in revenue to $5.28 billion but a whopping 79% decline in underlying net profit after tax to $158 million. In light of this poor financial performance, the company's board elected to not declare a final dividend for FY 2024.
$Red 5 Ltd (RED.AU)$
The RED 5 share price is down almost 10% to 33 cents. This morning, this gold miner released its full year results and reported a 35% increase in gold sales to 223,498 ounces, a 47% jump in revenue to $620 million, but a statutory loss after tax of $5.4 million. The latter includes a number of one-off costs associated with the transformational merger between Red 5 and Silver Lake. On an underlying basis, its profits after tax came in at $48.5 million. This is up from a $1.5 million loss a year earlier.
$Webjet Ltd (WEB.AU)$
The Webjet share price is down 8% to $7.60. Investors have been selling this online travel agent's shares following the release of an update at its annual general meeting. Management revealed that trading has been mixed so far in FY 2025. The Webjet OTA business has experienced a 10% decline in total transaction value (TTV), whereas TTV is up more than 25% for the WebBeds business. The latter is despite trading in Europe being negatively impacted in June and July by the collapse of FTI Group. This led to $2 billion of hotel inventory distorting the market and impacting margins.
