AGL Energy Ltd (AGL):
AGL Energy said its first-half underlying profit rose 26.7 per cent as bottom-line net income almost doubled. Profit before onetime items rose to $493 million, just short of forecasts by Citigroup and Morgan Stanley, while sales climbed 7 per cent to $6.45 billion. Net profit for the six months ended December 31 almost doubled to $622 million from $325 million in the year-earlier period. AGL in December reiterated its full-year guidance for underlying profit after tax of between $940 million and $1.04 billion and confirmed that forecast on Thursday.
AMP Limited (AMP):
AMP has posted a 114 percent rise in full-year underlying profit helped by strong earnings in AMP Bank and AMP Capital, as it confirmed remediation in its improving life insurance arm is not over. AMP reported underlying earnings of $1.04 billion for the year ended December 31, 2017, up from $486 million last year, the results exceeded the average estimate of $1 billion, according analysts surveyed by Thomson Reuters. At the same time the wealth management giant posted a net profit of $848 million, compared with a net loss of $344 million last year. The company confirmed that it was still reviewing its wealth protection, or life insurance arm, telling the market "all alternatives were being considered" and that it was in discussions with a number of parties. In August last year AMP confirmed two new reinsurance deals that released $500 million in capital from its recovering wealth protection arm.
Domino's Pizza Enterprises Ltd. (DMP):
Domino's Pizza shares are up 3.7 per cent at $48.92 today. The company's results are due on February 14 and Morgan Stanley analysts said they believe the market will react positively to the earnings. The analysts are expecting the firm to report first-half underlying net profit after tax growth of 13.9 per cent, with the figure rising to 27.9 per cent in the second half. "Investors shouldn't be alarmed by relatively soft first-half profit growth relative to the approximate 20 per cent full year profit growth guidance," they said. The analysts, who are overweight on the stock, broke down how they expect growth to accelerate in the second half.
Mirvac Group (MGR):
Mirvac, one of the country's biggest residential developers, has reported a fall in half-year profit to $465 million due to property revaluation gains and the timing of residential settlements. The first-half profit for the same time last year was $508 million. The group reaffirmed its operating earnings per security for the full year of between 15.3¢ and 15.6¢, equal to growth of 6 to 8 per cent. Mirvac announced plans for an onmarket buyback program for up to 2.6 per cent of its register as part of its capital allocation strategy. An interim dividend of 5¢ will be paid on February 28. Mirvac is a diversified real estate investment trust that generates revenue from investments in office towers, shopping centres, warehouses and funds management, as well as the housing sector.
National Australia Bank Ltd (NAB):
National Australia Bank said its first-quarter cash profit rose 3 per cent from a year ago to $1.65 billion. The result slipped 1 per cent from the previous three months with a sharp rise in expenses leading to a contraction in margins. Chief executive Andrew Thorburn said the bank was on target to meet its targets despite the rise in expenses, including an additional $1.5b of investment over the next three years. "Cost savings of more than $1 billion continue to be targeted by end of FY20" Mr Thorburn said in a statement to the Australian stock exchange. Expenses at the bank rose 4 per cent in the three months ended December 31 because of increased investment and "personnel costs including Enterprise Bargaining Agreement increases". "Continue to expect FY18 expenses to grow 5-8 per cent in FY18 then targeted to remain broadly flat over FY19-20", the statement said.
Origin Energy Ltd (ORG):
Australia's top power and gas retailer Origin Energy said on Thursday it expects to book a post-tax impairment charge of $533 million for its half year results, due next week. The aggregate charge includes a non-cash writedown of $360 million for its Ironbark gas field, due to a downgrade in Ironbark reserves and a revised development plan, the company said in a statement. Origin also expects to book a post-tax impairment charge of $173 million, as a result of recognising Lattice Energy earnings from July 1 2017 up to the Jan. 31 2018 completion date.
Tabcorp Holdings Limited (TAH):
Australian diversified gambling operator Tabcorp Holdings said on Thursday that half-yearly profit fell more than 20 per cent, hurt by a spike in expenses for the period. Underlying net profit came in at $82 million for the six months ended Dec. 31, compared with $102.7 million a year ago, the horse-race betting company said. Analysts had forecast $89 million. The statutory net profit fell about 58 per cent to $24.6 million due to significant items including costs from the acquisition of Tatts Group, Tabcorp said in a statement. The company said operating expenses for its Wagering and Media business, which is its key breadwinner, rose about 4 per cent. Tabcorp was expected to complete a marathon $4.7 billion takeover of lotteries operator Tatts at the end of the six-month period after lengthy delays gaining regulatory clearance. The deal, the companies' third attempt at a tie-up, was designed to create a gambling powerhouse at a time of rising competition from foreign largely online rivals such as Britain's William Hill and Ireland's Paddy Power. Tabcorp said Sun Bets, its British-focused online betting venture business, would remain under review after it clocked a wider loss in the interim period.
(Source: AIMS)
AGL Energy said its first-half underlying profit rose 26.7 per cent as bottom-line net income almost doubled. Profit before onetime items rose to $493 million, just short of forecasts by Citigroup and Morgan Stanley, while sales climbed 7 per cent to $6.45 billion. Net profit for the six months ended December 31 almost doubled to $622 million from $325 million in the year-earlier period. AGL in December reiterated its full-year guidance for underlying profit after tax of between $940 million and $1.04 billion and confirmed that forecast on Thursday.
AMP Limited (AMP):
AMP has posted a 114 percent rise in full-year underlying profit helped by strong earnings in AMP Bank and AMP Capital, as it confirmed remediation in its improving life insurance arm is not over. AMP reported underlying earnings of $1.04 billion for the year ended December 31, 2017, up from $486 million last year, the results exceeded the average estimate of $1 billion, according analysts surveyed by Thomson Reuters. At the same time the wealth management giant posted a net profit of $848 million, compared with a net loss of $344 million last year. The company confirmed that it was still reviewing its wealth protection, or life insurance arm, telling the market "all alternatives were being considered" and that it was in discussions with a number of parties. In August last year AMP confirmed two new reinsurance deals that released $500 million in capital from its recovering wealth protection arm.
Domino's Pizza Enterprises Ltd. (DMP):
Domino's Pizza shares are up 3.7 per cent at $48.92 today. The company's results are due on February 14 and Morgan Stanley analysts said they believe the market will react positively to the earnings. The analysts are expecting the firm to report first-half underlying net profit after tax growth of 13.9 per cent, with the figure rising to 27.9 per cent in the second half. "Investors shouldn't be alarmed by relatively soft first-half profit growth relative to the approximate 20 per cent full year profit growth guidance," they said. The analysts, who are overweight on the stock, broke down how they expect growth to accelerate in the second half.
Mirvac Group (MGR):
Mirvac, one of the country's biggest residential developers, has reported a fall in half-year profit to $465 million due to property revaluation gains and the timing of residential settlements. The first-half profit for the same time last year was $508 million. The group reaffirmed its operating earnings per security for the full year of between 15.3¢ and 15.6¢, equal to growth of 6 to 8 per cent. Mirvac announced plans for an onmarket buyback program for up to 2.6 per cent of its register as part of its capital allocation strategy. An interim dividend of 5¢ will be paid on February 28. Mirvac is a diversified real estate investment trust that generates revenue from investments in office towers, shopping centres, warehouses and funds management, as well as the housing sector.
National Australia Bank Ltd (NAB):
National Australia Bank said its first-quarter cash profit rose 3 per cent from a year ago to $1.65 billion. The result slipped 1 per cent from the previous three months with a sharp rise in expenses leading to a contraction in margins. Chief executive Andrew Thorburn said the bank was on target to meet its targets despite the rise in expenses, including an additional $1.5b of investment over the next three years. "Cost savings of more than $1 billion continue to be targeted by end of FY20" Mr Thorburn said in a statement to the Australian stock exchange. Expenses at the bank rose 4 per cent in the three months ended December 31 because of increased investment and "personnel costs including Enterprise Bargaining Agreement increases". "Continue to expect FY18 expenses to grow 5-8 per cent in FY18 then targeted to remain broadly flat over FY19-20", the statement said.
Origin Energy Ltd (ORG):
Australia's top power and gas retailer Origin Energy said on Thursday it expects to book a post-tax impairment charge of $533 million for its half year results, due next week. The aggregate charge includes a non-cash writedown of $360 million for its Ironbark gas field, due to a downgrade in Ironbark reserves and a revised development plan, the company said in a statement. Origin also expects to book a post-tax impairment charge of $173 million, as a result of recognising Lattice Energy earnings from July 1 2017 up to the Jan. 31 2018 completion date.
Tabcorp Holdings Limited (TAH):
Australian diversified gambling operator Tabcorp Holdings said on Thursday that half-yearly profit fell more than 20 per cent, hurt by a spike in expenses for the period. Underlying net profit came in at $82 million for the six months ended Dec. 31, compared with $102.7 million a year ago, the horse-race betting company said. Analysts had forecast $89 million. The statutory net profit fell about 58 per cent to $24.6 million due to significant items including costs from the acquisition of Tatts Group, Tabcorp said in a statement. The company said operating expenses for its Wagering and Media business, which is its key breadwinner, rose about 4 per cent. Tabcorp was expected to complete a marathon $4.7 billion takeover of lotteries operator Tatts at the end of the six-month period after lengthy delays gaining regulatory clearance. The deal, the companies' third attempt at a tie-up, was designed to create a gambling powerhouse at a time of rising competition from foreign largely online rivals such as Britain's William Hill and Ireland's Paddy Power. Tabcorp said Sun Bets, its British-focused online betting venture business, would remain under review after it clocked a wider loss in the interim period.
(Source: AIMS)
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