Mount Gibson Iron Ltd (ASX:MGX) reported a net profit up 195% to A$39.4 million for the half-year ended December 31, 2009 compared with A$13.3 million in the previous corresponding period, on revenue up 6% to A$246.7 million.
Sydney, Feb 12, 2010 AEST (ABN Newswire) - The Australian shares were stronger after an unexpectedly improved employment data. The market was also helped by a rise in Rio Tinto shares on expectation that it would follow its BHP Billiton in reporting upbeat earnings. At the close, the benchmark S&P/ASX200 index closed 40.9 points, or 0.91 per cent higher, at 4554.3 points while the broader All Ordinaries index rose 42.8 points, or 0.94 per cent, to 4575.8 points.
Key Economic Facts and Figures
Australian Bureau of Statistics data showed that the unemployment rate unexpectedly declined to 5.3 per cent in January from 5.5 per cent in December, a further sign of an economy recovery. The Australian dollar surged almost US1c on the news while rate rise expectations increased. The January drop marked three months of consecutive falls, bringing the jobless rate to its lowest since January.
The Melbourne Institute survey of consumer inflationary expectations showed that consumers expect price pressures to soften in February. The median expected inflation rate fell to 3.2 per cent in February from 3.5 per cent the previous month.
M&A News
Liquefied Natural Gas Ltd (
ASX:LNG) has agreed to sell its Fisherman's Landing project in Queensland to Arrow Energy Ltd (ASX:AOE) by selling its subsidiary Gladstone LNG Pty Ltd. Arrow Energy will fully acquire the coal seam gas export project for an upfront payment of A$51 million. LNG Ltd also will be paid A$24 million once a final investment decision is made, a $US5 million licensing fee for the use of its technology, and A$24 million when the plant reaches a production rate of one million tonnes per annum (Mtpa). When the plant reaches 3Mtpa through a second processing train, LNG Ltd will be paid $63.5 million.
Cardno Ltd (ASX:CDD) has acquired ITC Group, an Australian based building services consulting engineering firm, with A$18.4 million on an enterprise value basis plus a working capital adjustment of around A$2 million. ITC is expected to contribute fee revenue of around A$20 million to Cardno annually.
Important Corporate News
Telstra (ASX:TLS) recorded a net profit of A$1.85 billion for the six months to December 31, down 3.3 per cent from the previous comparative period. It blamed the fall in revenue on the dollar and the sale of one of its businesses, KAZ.
James Hardie Industries (ASX:JHX) said that its net operating profit for the three months ended December 31 rose to US$29.8 million, after excluding asbestos liabilities, from the previous corresponding period. The company also upgraded its full-year profit forecast, expecting improvement in the US housing market.
Amadeus Energy (ASX:AMU) is finalising the results for the first half and expects to report an underlying earnings from operations before interest, tax, depreciation and amortisation of approximately A$12 million. NPAT for the period is expected to be in the range of A$1.0 to 1.5 million.
Mount Gibson Iron Ltd (ASX:MGX) reported a net profit up 195% to A$39.4 million for the half-year ended December 31, 2009 compared with A$13.3 million in the previous corresponding period, on revenue up 6% to A$246.7 million.
Engineering and construction company Decmil Group (ASX:DCG) reported an after tax profit of A$9 million for the first half FY10, up from A$540,000 the corresponding period last year, largely due to significant contract wins and extensions by its subsidiary, Decmil Australia. The company said it began the 2009/10 financial year well positioned with a strong forward order book. It also expects the strong levels of business activity in its core areas of business to continue.
Contact
Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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