Australian wealth management group Perpetual Ltd. (ASX:PPT) said Thursday that it expects its second half year underlying profit to be broadly in line with its first half results, given there is no dramatic deterioration in financial markets and business conditions in the period.
Sydney, May 27, 2010 AEST (ABN Newswire) - The Australian share market was higher in early trade today despite Wall Street delivered a weak lead. Overnight US stocks reversed strong gains to close lower on worries over Euro amid the lingering Europe debt crisis. The newly released OECD economic outlook, predicting strong economic growth, has supported the local market today.
In economics news on Thursday, the Australian Bureau of Statistics is to publish data on private new capital expenditure and expected expenditure for the March quarter.
Company News
Australian wealth management group Perpetual Ltd. (
ASX:PPT) said Thursday that it expects its second half year underlying profit to be broadly in line with its first half results, given there is no dramatic deterioration in financial markets and business conditions in the period. The net profit after tax for the fiscal year to the end of June 2010 is expected to be in the range of A$85 million to A$95 million, a significant improvement on the prior year's result as the operating environment improved.
PanAust Ltd (ASX:PNA) said Guangdong Rising Assets Management Co Ltd (GRAM) was now able to acquire more PanAust shares on market. Under the placement agreement dated May 26 2009 between the companies, it was agreed that GRAM would not acquire more than an additional 1 per cent shareholding in PanAust in the 12-month period following completion of the transaction. PanAust directors have now agreed to lift the standstill obligation. GRAM currently holds a 19.8% interest in PanAust shares. At the time of its initial investment, GRAM obtained advice from the Foreign Investment Review Board that the Australian government had no objection to GRAM acquiring up to a 25% interest in PanAust.
Tower Australia Group Limited (ASX:TAL) today said that it will raise approximately A$96 million through an entitlement offer to support growth opportunities. New entitlement will be priced at A$1.85. Tower Australia's largest shareholder, Dai-ichi Life Insurance Company (TYO:8750), which holds about 28.6 per cent in Tower Australia shares, has committed to take up its full pro rata entitlement. Tower Australia also reported a 5 per cent increase in net profit for the half year ended March 31 to A$28.4 million, up from A$27.1 million in the corresponding period a year earlier. The company said in underlying profit terms it will complete the full year within the consensus of analyst forecasts.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
| ||
|
