AMP Limited (AMP):
Wealth manager AMP has posted an annual net profit of $28 million, down 97 per cent from last year’s $848m. It says revenue is down 55 per cent to $8.29 billion. The result follows a torrid year for the wealth manager at the hands of the royal commission, where it was revealed the company repeatedly misled the corporate regulator and charged thousands of clients fees for financial advice that was never provided.
Breville Group Ltd (BRG):
Shares in Breville shot up as much as 21.4 per cent after the appliance maker defied the recent retail slump and worries of a global economic slowdown, booking a bumper first-half profit and upping its interim dividend. Following a lift in its half-year result on the back of growth in existing markets, as well as its expansion into Germany and Austria, Breville (BRG) said its earnings before interest and tax growth for the full year is expected to beat the market’s current consensus forecast of about 11 per cent. For the first half, net profit after tax attributable to members lifted 19.7 per cent to $43.5 million. That figure was positively impacted by a one off reduction in its US deferred tax asset in the previous corresponding period. Excluding the impact of the deferred tax asset, net profit after tax increased 14.8 per cent for the period.
Healthscope Limited (HSO):
Hospital operator Healthscope has posted a slight rise in earnings for the first half as it turns around its performance with the opening of its flagship Northern Beaches hospital and as suitor BGH finalises its takeover offer. Hospital operating earnings were 8.8 per cent higher for the half year, at $185.7 million. “We saw a significant turnaround in Hospitals first half earnings, with EBITDA growth of 8.8pc in contrast to a decline of 8.7 per cent in the prior period. We continue to see growth from our brownfield investments and to reap the benefit of operational efficiencies realised across the portfolio,” chief Gordon Ballantyne said. The board declared an interim dividend of 3.5 cent per share.
Magellan Financial Group Ltd (MFG):
Magellan’s underlying profit of $173.3m for the December half year beat CSLA’s top-of-consensus forecast of $169m and the final dividend of 73.8 cps also beat its expectation of 72.1 cps. The global funds manager’s January update on funds under management highlighted continued positive net flows, with retail net flows up $110m and institutional up $207m, lifting the total by 3pc to $72.95bn. “Despite volatile markets, Magellan’s funds’ strong performance we believe will continue to yield positive net flows,” says CLSA’s Ed Henning.
Newcrest Mining Limited (NCM):
Newcrest Mining boss Sandeep Biswas says the company won’t be distracted by the growing merger and acquisition frenzy sweeping through the gold sector. Melbourne-headquartered Newcrest this morning announced it had delivered a doubling in first half profit to $US237 million ($334m) as it reaped the benefits of a weaker Australian dollar and a recovery in production at its big Cadia mine in NSW. It elected to hold its interim dividend steady at US7.5c per share, and noted that it again expected to deliver stronger cash flow in the second half. With the result coming in broadly in line with analyst expectations, Mr Biswas this morning was questioned about the company’s approach to M&A given the flurry of recent deals.
South32 Ltd (S32):
South32 has raised its mid-year payout and said it will hand out another special dividend as it notched a 17 per cent rise in first-half profit backed by tailwinds from higher commodity prices. The Australia-based miner which manages operations spanning the US to South Africa said net profit totaled $US635 million in the six months through December. That was up from $US543 million in the same period a year earlier. Directors declared a 5.1-cent a share final dividend, up from 4.3 cents the year prior. The company said it will also pay a special dividend of 1.7 cents a share.
Suncorp Group Limited (SUN):
Natural hazards and lower investment returns have significantly dented Suncorp’s profit, the insurer today reporting a 44.7 per cent drop to $452 million in the first half. It said the write down of its Life business had taken $145 million off the books while December’s Sydney hailstorm and North Queensland flooding has increased its natural hazard costs by $167 million. “While the interim result includes natural hazard costs significantly above our allowance, as well as the impact of volatile investment markets, our underlying business remains resilient,” chief Michael Cameron said. “The financial services industry today faces a great deal of change. This includes future policy settings, shifts in regulation, and material impacts on business and distribution models.” Looking ahead, Mr Cameron said the full year performance was tracking in line with expectations.
Super Retail Group Ltd (SUL):
Compensation to underpaid retail managers has weighed on Super Retail Group’s first-half result, with the Rebel Sport owner reporting a slight dip in first- half profit to $71.7 million despite increasing revenue. Super Retail revenue rose 6.0 per cent to $1.4 billion in the six months to December 29, but the Rays and Supercheap Auto owner saw its net profit slip by 0.7 per cent in the wake of impairments announced on Tuesday. The company said a review of employment arrangements had showed $32 million in overtime hours had not been paid in accordance with the General Retail Industry Award over the past six years, with interest-related compensation adding another $11 million in pre-tax costs. Super Retail will pay a fully franked interim dividend of 21.5 cents, unchanged from last year.
Telstra Corporation Limited (TLS):
Telstra has posted a 28 per cent drop in net profit for the first half of fiscal 2019, with the telco’s mobile margins squeezed in a tight market and the National Broadband Network weighing on its fixed line business. Telstra’s profit has slipped to $1.2 billion for the half year ending December 31 2018, compared to $1.6bn posted in the corresponding period in fiscal 2018. Total revenue for the period was down 1.7 per cent to $12.5bn, while earnings dropped 16.1 per cent to $4.2bn. The numbers were broadly in line with what Telstra had flagged last August and expected by analysts. Telstra has announced an interim dividend of 8 cents, comprising an interim ordinary dividend of 5 cents per share and an interim special dividend of 3 cents per share.
Treasury Wine Estates Limited (TWE):
Australian vintner Treasury Wine Estates said its half-year net profit rose by 17 per cent, with continued growth in its key Asian business easing concerns about the impact of China’s economic slowdown. The company, which makes the storied Penfolds brand, said its net profit totaled $219.2 million in the six months through December. Its earnings before interest, tax and other items--or EBITs--rose by 19pc to $338.3 million. Directors of the company declared an interim dividend of 18.0 cents a share, up from 15.0 cents a year ago. The first-half result was largely expected. In January, Treasury said EBITs would beat consensus expectations of $332 million and would instead be in a range of $335 million to $340 million. On Thursday, Treasury reiterated full-year guidance of around 25pc earnings growth, and said it expects ebits to grow by 15-20pc in the 2020 fiscal year.
Unibail-Rodamco-Westfield (URW):
Shopping centre operator Westfield - under newly completed takeover from Unibail Rodamco - has slumped in morning trade after disappointing analysts with its latest results. Digesting the figures this morning, Macquarie downgraded the stock to Underperform, saying dilution from asset sales and headwinds from its shopping centres would dent earnings for the full year. “The update on WFD earnings is the biggest disappointment, given the transaction was expected to be earnings accretive in the first full year (and was the rationale for the significant increase in gearing),” analysts led by Stuart McLean said. The company cited delayed returns from developments, tougher retail environments in the US and UK and differening finance and tax costs.
Woodside Petroleum Ltd (WPL):
Woodside Petroleum has delivered a 28 per cent boost in full-year net profit and hiked its dividend after cashing in on stronger oil and LNG prices. The West Australian energy producer posted net profit of $US1.364 billion compared with analyst expectations of $1.42bn and $US1.069bn in the prior year. Sales rose by 32 per cent to $US5.24bn and free cash flow was up 83 per cent to $1.524bn. Woodside declared a final dividend of US91 cents, bringing the full-year dividend to $US1.44. Chief executive Peter Coleman said a robust operational performance and improved market conditions puts the company in a strong position to deliver its growth projects including final investment decisions on three critical WA projects: Scarborough, Pluto 2 and its long-delayed Browse development. Woodside confirmed its production guidance for 2019 of between 88 and 94 million barrels.
（Source: AIMS）
Wealth manager AMP has posted an annual net profit of $28 million, down 97 per cent from last year’s $848m. It says revenue is down 55 per cent to $8.29 billion. The result follows a torrid year for the wealth manager at the hands of the royal commission, where it was revealed the company repeatedly misled the corporate regulator and charged thousands of clients fees for financial advice that was never provided.
Breville Group Ltd (BRG):
Shares in Breville shot up as much as 21.4 per cent after the appliance maker defied the recent retail slump and worries of a global economic slowdown, booking a bumper first-half profit and upping its interim dividend. Following a lift in its half-year result on the back of growth in existing markets, as well as its expansion into Germany and Austria, Breville (BRG) said its earnings before interest and tax growth for the full year is expected to beat the market’s current consensus forecast of about 11 per cent. For the first half, net profit after tax attributable to members lifted 19.7 per cent to $43.5 million. That figure was positively impacted by a one off reduction in its US deferred tax asset in the previous corresponding period. Excluding the impact of the deferred tax asset, net profit after tax increased 14.8 per cent for the period.
Healthscope Limited (HSO):
Hospital operator Healthscope has posted a slight rise in earnings for the first half as it turns around its performance with the opening of its flagship Northern Beaches hospital and as suitor BGH finalises its takeover offer. Hospital operating earnings were 8.8 per cent higher for the half year, at $185.7 million. “We saw a significant turnaround in Hospitals first half earnings, with EBITDA growth of 8.8pc in contrast to a decline of 8.7 per cent in the prior period. We continue to see growth from our brownfield investments and to reap the benefit of operational efficiencies realised across the portfolio,” chief Gordon Ballantyne said. The board declared an interim dividend of 3.5 cent per share.
Magellan Financial Group Ltd (MFG):
Magellan’s underlying profit of $173.3m for the December half year beat CSLA’s top-of-consensus forecast of $169m and the final dividend of 73.8 cps also beat its expectation of 72.1 cps. The global funds manager’s January update on funds under management highlighted continued positive net flows, with retail net flows up $110m and institutional up $207m, lifting the total by 3pc to $72.95bn. “Despite volatile markets, Magellan’s funds’ strong performance we believe will continue to yield positive net flows,” says CLSA’s Ed Henning.
Newcrest Mining Limited (NCM):
Newcrest Mining boss Sandeep Biswas says the company won’t be distracted by the growing merger and acquisition frenzy sweeping through the gold sector. Melbourne-headquartered Newcrest this morning announced it had delivered a doubling in first half profit to $US237 million ($334m) as it reaped the benefits of a weaker Australian dollar and a recovery in production at its big Cadia mine in NSW. It elected to hold its interim dividend steady at US7.5c per share, and noted that it again expected to deliver stronger cash flow in the second half. With the result coming in broadly in line with analyst expectations, Mr Biswas this morning was questioned about the company’s approach to M&A given the flurry of recent deals.
South32 Ltd (S32):
South32 has raised its mid-year payout and said it will hand out another special dividend as it notched a 17 per cent rise in first-half profit backed by tailwinds from higher commodity prices. The Australia-based miner which manages operations spanning the US to South Africa said net profit totaled $US635 million in the six months through December. That was up from $US543 million in the same period a year earlier. Directors declared a 5.1-cent a share final dividend, up from 4.3 cents the year prior. The company said it will also pay a special dividend of 1.7 cents a share.
Suncorp Group Limited (SUN):
Natural hazards and lower investment returns have significantly dented Suncorp’s profit, the insurer today reporting a 44.7 per cent drop to $452 million in the first half. It said the write down of its Life business had taken $145 million off the books while December’s Sydney hailstorm and North Queensland flooding has increased its natural hazard costs by $167 million. “While the interim result includes natural hazard costs significantly above our allowance, as well as the impact of volatile investment markets, our underlying business remains resilient,” chief Michael Cameron said. “The financial services industry today faces a great deal of change. This includes future policy settings, shifts in regulation, and material impacts on business and distribution models.” Looking ahead, Mr Cameron said the full year performance was tracking in line with expectations.
Super Retail Group Ltd (SUL):
Compensation to underpaid retail managers has weighed on Super Retail Group’s first-half result, with the Rebel Sport owner reporting a slight dip in first- half profit to $71.7 million despite increasing revenue. Super Retail revenue rose 6.0 per cent to $1.4 billion in the six months to December 29, but the Rays and Supercheap Auto owner saw its net profit slip by 0.7 per cent in the wake of impairments announced on Tuesday. The company said a review of employment arrangements had showed $32 million in overtime hours had not been paid in accordance with the General Retail Industry Award over the past six years, with interest-related compensation adding another $11 million in pre-tax costs. Super Retail will pay a fully franked interim dividend of 21.5 cents, unchanged from last year.
Telstra Corporation Limited (TLS):
Telstra has posted a 28 per cent drop in net profit for the first half of fiscal 2019, with the telco’s mobile margins squeezed in a tight market and the National Broadband Network weighing on its fixed line business. Telstra’s profit has slipped to $1.2 billion for the half year ending December 31 2018, compared to $1.6bn posted in the corresponding period in fiscal 2018. Total revenue for the period was down 1.7 per cent to $12.5bn, while earnings dropped 16.1 per cent to $4.2bn. The numbers were broadly in line with what Telstra had flagged last August and expected by analysts. Telstra has announced an interim dividend of 8 cents, comprising an interim ordinary dividend of 5 cents per share and an interim special dividend of 3 cents per share.
Treasury Wine Estates Limited (TWE):
Australian vintner Treasury Wine Estates said its half-year net profit rose by 17 per cent, with continued growth in its key Asian business easing concerns about the impact of China’s economic slowdown. The company, which makes the storied Penfolds brand, said its net profit totaled $219.2 million in the six months through December. Its earnings before interest, tax and other items--or EBITs--rose by 19pc to $338.3 million. Directors of the company declared an interim dividend of 18.0 cents a share, up from 15.0 cents a year ago. The first-half result was largely expected. In January, Treasury said EBITs would beat consensus expectations of $332 million and would instead be in a range of $335 million to $340 million. On Thursday, Treasury reiterated full-year guidance of around 25pc earnings growth, and said it expects ebits to grow by 15-20pc in the 2020 fiscal year.
Unibail-Rodamco-Westfield (URW):
Shopping centre operator Westfield - under newly completed takeover from Unibail Rodamco - has slumped in morning trade after disappointing analysts with its latest results. Digesting the figures this morning, Macquarie downgraded the stock to Underperform, saying dilution from asset sales and headwinds from its shopping centres would dent earnings for the full year. “The update on WFD earnings is the biggest disappointment, given the transaction was expected to be earnings accretive in the first full year (and was the rationale for the significant increase in gearing),” analysts led by Stuart McLean said. The company cited delayed returns from developments, tougher retail environments in the US and UK and differening finance and tax costs.
Woodside Petroleum Ltd (WPL):
Woodside Petroleum has delivered a 28 per cent boost in full-year net profit and hiked its dividend after cashing in on stronger oil and LNG prices. The West Australian energy producer posted net profit of $US1.364 billion compared with analyst expectations of $1.42bn and $US1.069bn in the prior year. Sales rose by 32 per cent to $US5.24bn and free cash flow was up 83 per cent to $1.524bn. Woodside declared a final dividend of US91 cents, bringing the full-year dividend to $US1.44. Chief executive Peter Coleman said a robust operational performance and improved market conditions puts the company in a strong position to deliver its growth projects including final investment decisions on three critical WA projects: Scarborough, Pluto 2 and its long-delayed Browse development. Woodside confirmed its production guidance for 2019 of between 88 and 94 million barrels.
（Source: AIMS）
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