Energy distributor SP AusNet (ASX:SPN) said net profit in the half year to September 30 was A$135.4 million, up 46.9 per cent from A$92.2 million in the first half of fiscal 2009. The company said the percentage increase was affected by a A$30.3 million after tax impairment in the prior corresponding period that was not repeated in the first half of fiscal 2010. SP AusNet confirmed earlier guidance of full year distributions of eight cents per security.
Sydney, Nov 12, 2009 AEST (ABN Newswire) - Wall Street maintained its positive run on Wednesday session as the Federal Reserve officials tipped that the central bank could keep interest rate at historical low level. The Chinese economic data released yesterday also added confidence to global recovery hopes. European markets also rallied on low interest rate expectations.
The Australian share market opened higher for a fifth day on Thursday. Yesterday the local shares closed was up as property trust sector strengthened on positive reports and resources gained on strong commodities prices. The benchmark S&P/ASX200 index rose 23.4 points, or 0.49 per cent, at 4757, while the broader All Ordinaries added 21.9 points, or 0.46 per cent, at 4765.9.
The Australian dollar opened slightly lower this morning after reaching a 2009 high overnight, driven by positive Chinese set of data. During the overnight session, the unit traded in a tight range between $US0.9302 and $US0.9344.
Key Economic Facts and Figures
Total personal finance commitments in Australia fell 1.8 per cent in September, seasonally adjusted, to A$7.016 billion, from A$7.146 billion in August, according to the Australian Bureau of Statistics (ABS). Total commercial finance rose 8.0 per cent, seasonally adjusted, to A$31.576 billion, from A$29.241 billion in August.
ABS official unemployment data is due out today. The Westpac-Melbourne Institute releases survey of consumer unemployment expectations for November. Melbourne Institute's survey of consumer inflationary expectations is also due.
M&A News
Woolworths (ASX:WOW) yesterday received conditional approval from competition regulator to acquire hardware distributor Danks Holdings Limited (ASX:DKS). Woolworths and Lowe's (NYSE:LOW) have declared their offer for Danks free from all conditions. As of today, Carboxy, a joint venture between Woolworhts and Lowe's, has received acceptances from Danks shareholders totalling 96.2 per cent of the ordinary issued shares.
Worleyparsons (ASX:WOR) has announced an A$87 million bid for Evans and Peck Group, an unlisted public company that provides project advice. It is offering a combination of cash and shares equivalent to $30 per share.
Important Corporate News
Energy distributor SP AusNet (ASX:SPN) said net profit in the half year to September 30 was A$135.4 million, up 46.9 per cent from A$92.2 million in the first half of fiscal 2009. The company said the percentage increase was affected by a A$30.3 million after tax impairment in the prior corresponding period that was not repeated in the first half of fiscal 2010. SP AusNet confirmed earlier guidance of full year distributions of eight cents per security.
Westfield Group (ASX:WDC) reported retail sales at its 44 Australian shopping centres in the September quarter grew 1.9 per cent. Managing director Steven Lowy said the group's resilience had shown through. There has been a continuation of solid performance in the Australian portfolio while stabilising conditions continue in the United States, the United Kingdom and New Zealand.
Lend Lease (ASX:LLC) says the group remains in a strong financial position and sees some signs of the market turning in some key sectors. But in the medium term, the company will continue to be impacted as the construction cycle may take longer to recover.
Centro Retail Trust (ASX:CER) says it expects annual underlying profit to fall by 20 per cent in for the year ending 30 June 2010, compared to the A$185 million last year. The results to 30 September have continued to be impacted by economic factors including movements in Australian dollar and interest rates.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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