Storage system group Dexion Ltd (ASX:DEX) reported a net loss of A$1.705 million in the six months to June 30, down from a net profit of A$3.715 million in the previous corresponding period. It experienced major falls in sales in Australia, offset to some extent by improvements in Asia. Dexion maintained guidance for the year as it saw improvements in the second quarter.
Sydney, Aug 11, 2009 AEST (ABN Newswire) - Wall Street finished slightly lower overnight after the US stocks hit a fresh high on Friday. Investors locked in profits ahead of economic data due to release this week, including monthly retail sales figures and the Federal Reserve's statement on interest rates and the economy.
The Australian market yesterday ended with little change as investors were awaiting the corporate earnings this week. The benchmark S&P/ASX 200 index closed 4.7 points, or 0.1 per cent higher, at 4304.1, while the broader All Ordinaries index gained 6.1 points, or 0.1 per cent, to 4309.2.
Key Economic Facts and Figures
Dun & Bradstreet's latest National Business Expectations Survey found that 44 per cent of firms expected sales to increase in the December quarter. However, 22 per cent of businesses forecasted a decline in sales by the end of the year. The survey also found 31 per cent of executives anticipated their profits would increase in the December quarter, while 20 per cent did not. The sharp rise business expectations among executives indicated that many believed the worst of the economic slowdown was over.
The Australian Bureau of Statistics is to release lending finance data for June. The National Australia Bank monthly business survey for July and the Manpower-Melbourne Institute Employment Report for August are also due on Tuesday.
M&A News
Shares in Felix Resources (ASX:FLX) were still placed on trading halt on Tuesday pending for an announcement on a potential change of control. China's Yanzhou Coal Mining (HKG:1171)(SHA:600188) has made a takeover bid for Felix for more than A$3 billion, said sources. The deal will be reviewed by Australia's Foreign Investment Review Board.
Important Corporate News
Fortescue Metals Group (ASX:FMG) on Monday posted net profit for the year ended June 30 was $US508.04 million, compared to a loss of $US771.77 million in previous year. Revenue rose to $US1.83 billion, from $US138.29 million, after production at its Cloudbreak mine in the Pilbara ramped up during 2008/09.
JB Hi-Fi (ASX:JBH) posted a 45 per cent rise in full-year profit to A$94.4 million in the year ended June 30, from A$65.1 million a year ago. The electronic retailer expects another year of sales and earnings growth and says fiscal 2010 sales should be about A$2.8 billion, up 20 per cent.
Australian Agricultural Co (ASX:AAC) booked a net loss for the six months ended June 30 of A$30.261 million, compared to the loss of A$2.164 million in the previous corresponding period. AACo said its result was negatively impacted by severe drought and flooding as well as delays in the sale of cattle due to poor prices and difficult conditions on most of its properties. But the company expects a return to profitability in the second half of calendar 2009.
Count Financial (ASX:COU) said its net profit for the year ended 30 June 2009 had dropped to A$19.37 million, down 9.1% per cent on the previous corresponding period. The company said the results have been impacted by the global financial crisis induced weak investment markets.
Hearing implant company Cochlear (ASX:COH) has lifted its annual profit by 13 per cent to A$130.54 million in the year ended June 30, up from A$115.23 million in the previous year. The company says its results in the new financial year will be driven by the roll out of new products.
Crane Group (ASX:CRG) warned that its earnings will fall further this year after its net profit for the year to June 30 fell 29 per cent. The company said any recovery in domestic building sector demand was not expected to improve Crane's results until the second half of fiscal 2010.
Storage system group Dexion Ltd (ASX:DEX) reported a net loss of A$1.705 million in the six months to June 30, down from a net profit of A$3.715 million in the previous corresponding period. It experienced major falls in sales in Australia, offset to some extent by improvements in Asia. Dexion maintained guidance for the year as it saw improvements in the second quarter.
Primary Health Care (ASX:PRY) posted a net profit of A$108.5 million, compared with a net profit of A$7.9m a year ago, exceeding market expectations. The result came on the back of trading revenue of A$1.33 billion.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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