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Manchester United Shares Down 13% As Q3 Loss Widens

Shares of football club operator Manchester United plc (MANU) are down more than 13% Thursday morning after reporting wider loss in the third quarter.

Net loss for the third quarter widened to 27.73 million pounds or 17.01 pence per share compared with 18.11 million pounds or 11.12 pence per share in the same quarter a year ago, impacted by higher costs including operating expenses and employee benefit expenses.

Excluding one-time items, loss was 13.75 pence per share compared with 13.30 pence per share last year.

Revenue for the quarter, however, increased to 152.8 million pounds from 118.3 million pounds a year ago.

MANU, currently at $11.31, touched a new low of $10.51 this morning.

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