PRESS DIGEST-Australian Business News - Aug 20
Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Carrier Qantas Airways (QAN.AX) yesterday reported full-year results, with net profit falling 88 percent to A$123 million, including a A$93 million loss during the second half of the year. Analysts saw the result as positive in the current environment, and the airline's shareprice rose 3.5 percent yesterday to a 10-month high of A$2.69 a share. Chief executive Alan Joyce said the airline would seek to cut costs by a further A$1.5 billion over the next three years, adding to the A$550 million reduction in costs since his appointment in November. Page 1.
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Oil and gas company Woodside Petroleum (WPL.AX) yesterday released full-year results, including a better-than-expected net profit of A$898 million, which is 11 percent below last year's result. Chief executive Don Voelte also announced plans for a major expansion of the company's Pluto liquefied natural gas project, which could cost up to A$30 billion. Woodside will undertake a large exploration program for gas to support the expansion, but acknowledged that it will need to source gas from third-party suppliers as well. Page 1.
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Blood plasma group CSL (CSL.AX) yesterday reported a 63 percent increase in annual net profit for 2009 to A$1.15 billion, while the full year dividend payout rose 52 percent to A70 cents a share. Chief executive Brian McNamee said the company expected that it would not attempt another large deal such as its failed US$3.1 billion takeover attempt for Talecris Biotherapeutics, and would instead focus on organic growth and smaller, bolt-on acquisitions. Page 14.
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Energy supply company Origin Energy (ORG.AX) yesterday reported full-year results, with underlying net profit increasing from last year's result of A$443 million, to A$530 million. The company's net profit of A$6.9 billion includes proceeds from the A$9.6 billion sale of coal-seam gas assets. Managing director Grant King said Origin would use the funds from the sale for projects such as the A$35 billion Australia Pacific liquefied natural gas project and renewable energy developments. Page 14.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Engineering company Macmahon Holdings (MAH.AX) yesterday reported an annual net profit of A$17.2 million, a 64.8 percent decrease compared to the previous year. The contracting group declared no final dividend due to the poor result. However, the company said it has A$1 billion of work in place for the current year, and that it 'is confident of achieving 2010 revenue of A$1.3 billion.' The company also said it sees 'more positive signs' continuing to emerge. Page 18.
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Mineral sands mining company Iluka Resources (ILU.AX) yesterday reported results for the six months to the end of June, including a A$55.8 million loss for the period, compared to a A$15.6 million profit during the first-half. However, managing director David Robb said that 'our improved financial performance, that we all expect, has been delayed and not derailed.' Mr Robb said that although there are 'clear signs now that point to a recovery,' he remained cautious about the outlook for the sector. Page 18.
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Mining company Centennial Coal yesterday reported annual results, with net profit falling from A$288.6 million in 2008 to A$71.2 million for 2009. Chief executive Bob Cameron said the coal miner was receiving more orders than it could fill, adding that 'we are enjoying the second-highest contract prices on record and spot coking coal prices are above US$150 at the moment.' The company said it expects coal production this year to increase slightly to around 15.5 million tonnes. Page 18. Continued...
