IOOF Holdings Limited (IFL):
IOOF chief executive Chris Kelaher says negative sentiment towards the big banks is ‘‘playing out positively’’ for the company, with a group of financial advisers who defected from National Australia Bank earlier this year adding almost $1 billion to IOOF’s swelling inflows. IOOF chief executive Chris Kelaher says negative sentiment towards the big banks is ‘‘playing out positively’’ for the company, with a group of financial advisers who defected from National Australia Bank earlier this year adding almost $1 billion to IOOF’s swelling inflows. The diversified wealth manager said on Tuesday that a 156 per cent increase in net inflows to $4.6 billion saw its funds under administration and advice (FUMA) surge to $115 billion for the 12 months ended June 30, an increase of $10.8 billion from the previous year.
Transurban Group (TCL):
Transurban chief executive Scott Charlton has denied the company has a monopoly over Australian toll roads, arguing the local market remains very competitive. ‘‘We’re not a monopoly because you always have a choice not to use our roads and we don’t set pricing,’’ Mr Charlton told The Australian Financial Review after the company said annual net profits rose more than eightfold to $209 million from $22 million a year earlier, when profits were hurt by costs associated with its $1.9 billion acquisition of Brisbane’s Airportlink M7 toll road. ‘‘The two definitions of a monopoly is that either you don’t have a choice or the pricing can be set by the provider.’’ Transurban operates most of Australia’s toll roads, with full ownership or controlling stakes in 11 toll roads and stakes of 50 per cent in Sydney’s M7 and M5 motorways. It also owns two toll roads in near Washington, DC.
James Hardie Industries PLC (JHX):
Strong demand for fibre cement sheeting panels, weatherboards and interior panelling products for new home construction and renovations in the eastern states is filling the coffers of James Hardie’s Australian operations. But its much larger North American business is having a tougher time. While big banks, economists, regulators and industry players are all closely monitoring the fortunes of the Australian property market for signs that the boom conditions of the past five years may be on the wane, James Hardie hit the sweet spot in the three months to the end of June 30, 2017 as a big supplier of building materials. James Hardie chief executive Louis Gries said on Tuesday that earnings before interest and tax in the company’s Australian fibre cement business rose 31 per cent in the June quarter, compared with the same three months last year.
Woolworths Limited (WOW):
Woolworths is demanding answers over a credit card processing error that led to hundreds of customers being charged twice for transactions as far back as March, leaving some shoppers short of funds. Woolworths chief executive Brad Banducci lashed out at financial services provider CUSCAL on Tuesday, saying a processing error by the payments processor was to blame for the double-dipping. Hundreds of customers who used Visa cards between March 11 and 13 to shop at Woolworths supermarkets, liquor stores, petrol outlets and BIG W stores were charged for a second time on Monday, prompting many to vent their anger on social media.
Mayne Pharma Group Limited (MYX):
Market darling turned short target Mayne Pharma will report lower than expected earnings for fiscal 2017 as fierce competition in the United States’ generic drug sector continues to weigh on earnings. Mayne said on Tuesday revenue for the 2016-17 year would be $581 million, well below the analyst consensus for revenue of $624 million, according to Bloomberg. Underlying earnings before interest, tax, deprecation and amortisation will be between $212 million and $216 million, compared with consensus forecasts of $226 million, while reported net profit will come in at between $92 million and $95 million. Analysts had been expecting profit of $118 million.
Tabcorp Holdings Limited (TAH):
Foreign-owned corporate bookmaker Sportsbet’s revenue and customer numbers have far exceeded those of local giant Tabcorp and other competitors in the Australian market. Sportsbet’s underlying operating profit in the six months to June hit £46 million ($75.7 million) from almost £1.7 billion ($2.8 billion) staked via its digital wagering services and call centre, according to the interim financial results released by London-listed parent company Paddy Power Betfair on Tuesday evening. The results also revealed Sportsbet’s active customers in Australia rose 13 per cent to 688,000, compared to the 475,000 customers Tabcorp revealed in its full 2017 financial results last week. Tabcorp’s digital and call-centre revenue in six months to June reached $2.4 billion.
(Source: AIMS)
IOOF chief executive Chris Kelaher says negative sentiment towards the big banks is ‘‘playing out positively’’ for the company, with a group of financial advisers who defected from National Australia Bank earlier this year adding almost $1 billion to IOOF’s swelling inflows. IOOF chief executive Chris Kelaher says negative sentiment towards the big banks is ‘‘playing out positively’’ for the company, with a group of financial advisers who defected from National Australia Bank earlier this year adding almost $1 billion to IOOF’s swelling inflows. The diversified wealth manager said on Tuesday that a 156 per cent increase in net inflows to $4.6 billion saw its funds under administration and advice (FUMA) surge to $115 billion for the 12 months ended June 30, an increase of $10.8 billion from the previous year.
Transurban Group (TCL):
Transurban chief executive Scott Charlton has denied the company has a monopoly over Australian toll roads, arguing the local market remains very competitive. ‘‘We’re not a monopoly because you always have a choice not to use our roads and we don’t set pricing,’’ Mr Charlton told The Australian Financial Review after the company said annual net profits rose more than eightfold to $209 million from $22 million a year earlier, when profits were hurt by costs associated with its $1.9 billion acquisition of Brisbane’s Airportlink M7 toll road. ‘‘The two definitions of a monopoly is that either you don’t have a choice or the pricing can be set by the provider.’’ Transurban operates most of Australia’s toll roads, with full ownership or controlling stakes in 11 toll roads and stakes of 50 per cent in Sydney’s M7 and M5 motorways. It also owns two toll roads in near Washington, DC.
James Hardie Industries PLC (JHX):
Strong demand for fibre cement sheeting panels, weatherboards and interior panelling products for new home construction and renovations in the eastern states is filling the coffers of James Hardie’s Australian operations. But its much larger North American business is having a tougher time. While big banks, economists, regulators and industry players are all closely monitoring the fortunes of the Australian property market for signs that the boom conditions of the past five years may be on the wane, James Hardie hit the sweet spot in the three months to the end of June 30, 2017 as a big supplier of building materials. James Hardie chief executive Louis Gries said on Tuesday that earnings before interest and tax in the company’s Australian fibre cement business rose 31 per cent in the June quarter, compared with the same three months last year.
Woolworths Limited (WOW):
Woolworths is demanding answers over a credit card processing error that led to hundreds of customers being charged twice for transactions as far back as March, leaving some shoppers short of funds. Woolworths chief executive Brad Banducci lashed out at financial services provider CUSCAL on Tuesday, saying a processing error by the payments processor was to blame for the double-dipping. Hundreds of customers who used Visa cards between March 11 and 13 to shop at Woolworths supermarkets, liquor stores, petrol outlets and BIG W stores were charged for a second time on Monday, prompting many to vent their anger on social media.
Mayne Pharma Group Limited (MYX):
Market darling turned short target Mayne Pharma will report lower than expected earnings for fiscal 2017 as fierce competition in the United States’ generic drug sector continues to weigh on earnings. Mayne said on Tuesday revenue for the 2016-17 year would be $581 million, well below the analyst consensus for revenue of $624 million, according to Bloomberg. Underlying earnings before interest, tax, deprecation and amortisation will be between $212 million and $216 million, compared with consensus forecasts of $226 million, while reported net profit will come in at between $92 million and $95 million. Analysts had been expecting profit of $118 million.
Tabcorp Holdings Limited (TAH):
Foreign-owned corporate bookmaker Sportsbet’s revenue and customer numbers have far exceeded those of local giant Tabcorp and other competitors in the Australian market. Sportsbet’s underlying operating profit in the six months to June hit £46 million ($75.7 million) from almost £1.7 billion ($2.8 billion) staked via its digital wagering services and call centre, according to the interim financial results released by London-listed parent company Paddy Power Betfair on Tuesday evening. The results also revealed Sportsbet’s active customers in Australia rose 13 per cent to 688,000, compared to the 475,000 customers Tabcorp revealed in its full 2017 financial results last week. Tabcorp’s digital and call-centre revenue in six months to June reached $2.4 billion.
(Source: AIMS)
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