Surfwear group Billabong International Ltd (ASX:BBG) has posted a 13.3 per cent fall in annual profit and reduced its final dividend. Net profit for the year ended June 30 was A$152.84 million, down from A$176.38 million in the previous year.
Sydney, Aug 21, 2009 AEST (ABN Newswire) - Wall Street made a third consecutive day gain overnight as some latest economic data shows that the recession is bottoming out. Financials were also buoyed after Insurance giant American International Group said it expects to repay the government.
The Australian shares edged higher on Thursday on positive company earnings reports despite falls in property and healthcare stocks. The benchmark S&P/ASX 200 index was up 3.7 points, or 0.08 per cent, at 4,377.5 points, while the broader All Ordinaries index added 3.8 points, or 0.09 per cent, to 4,391.3 points.
Key Economic Facts and Figures
The Reserve Bank of Australia has released its monthly credit card report, which showed Australians spent A$19.4 billion on their credit and charge cards in June. It is the highest monthly total this year and up 9.2 per cent from the previous month. Credit card repayments were also improving with a total of A$19.303 billion in June, 7.27 per cent higher than the previous month. CommSec economist Savanth Sebastian said consumers remained wary of taking on too much debt and the average credit card balance was down 0.2 per cent from June 2008.
M&A News
Mineral Resources Ltd (ASX:MIN) has made a friendly scrip bid for iron ore explorer Polaris Metals (ASX:POL). The off-market takeover bid for all the shares and options in Polaris Metals is valued at A$66.7 million, or A$0.38 per Polaris share, a 26% premium to the 30c closing price of Polaris shares on the last trading date. Polaris shareholders will receive 1 Mineral Resources share for every 12.5 Polaris shares held.
Important Corporate News
Rio Tinto's (ASX:RIO) net profit for the first half plunged 64.7 per cent to $US2.451 billion, down from $US6.95 billion in the previous corresponding period. The miner has reduced net debt by $US14.8 billion after successful rights issues. Rio also said its expectation that development in emerging markets will generate underlying strength in metals and minerals demand over the long term remains broadly unchanged.
Wesfarmers (ASX:WES) posted full-year net profit of A$1.54 billion, up 44 per cent from A$1.06 billion one year earlier. Wesfarmers said it remained focused on the turnaround of the Coles division. CEO Mr Goyder did not rule out asset sales when asked whether Wesfarmers would consider divesting its insurance and industrial businesses, in particular chemicals and fertilisers.
APN News & Media (ASX:APN) has posted a 53.3 per cent fall in half-year net profit to A$33.6 million, as it experienced difficult trading conditions towards the end of the first half, (but) July and August have seen no further deterioration. APN said earnings in several divisions already are ahead of the prior year.
Surfwear group Billabong International Ltd (ASX:BBG) has posted a 13.3 per cent fall in annual profit and reduced its final dividend. Net profit for the year ended June 30 was A$152.84 million, down from A$176.38 million in the previous year.
Macquarie Airports (ASX:MAP) has posted net loss for the six months ended June 30 of A$299.38 million, compared to a loss of A$274 million in the previous corresponding period. The group said the result predominantly reflected the impact of airport revaluations, which had no impact on operating performance, cashflows or distributions.
Insurance Australia Group (ASX:IAG) posted a full-year net profit of A$181 million, compared to a loss of A$261 million a year earlier. IAG is forecasting 3-5 per cent growth in underlying gross written premium and 9-11 per cent growth in its insurance margin for 2009/10.
Macquarie CountryWide Trust (ASX:MCW) posted today a full-year net loss of A$1.44 billion on asset, derivative and joint venture revaluations, compared to a net profit of A$100.4 million a year earlier. But the trust said it remains confident that business conditions for grocery-anchored property remain sound.
The federal government's Future Fund board has sold 684.4 million shares in Telstra (ASX:TLS) at A$3.47 a share, for gross proceeds of A$2.37 billion, through an underwritten sale to institutional investors. It leaves the Future Fund with a 10.9 per cent total holding in the telco, down more than one-third of its holding from 16.4 per cent.
Computer and office equipment financing company ThinkSmart (ASX:TSM) reported first half profit was A$2.62 million, 17 per cent up from A$2.25 million in the previous corresponding period. ThinkSmart said it remains positioned for a solid full year performance given that earnings are expected to be weighted to the second half.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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