Shell plunges to $6bn loss as virus hits

Original article by Perry Williams
The Australian – Page: 13 & 16 : 26-Apr-21

Shell Australia has posted a full-year loss of $US4.9bn ($6.3bn), compared with a loss of just $US661m previously. The latest financial result was marred by a $US6.2bn writedown of the energy giant’s Australian operations due to a sharp fall in the crude oil price in 2020. The Prelude floating LNG venture was the primary cause of the big writedown. Australian LNG producers have now incurred combined writedowns of more than $25bn in the wake of the pandemic.

CORPORATES
SHELL COMPANY OF AUSTRALIA LIMITED, ROYAL DUTCH SHELL PLC

New Hope cuts jobs, dividend after loss

Original article by Perry Williams
The Australian – Page: 16 : 23-Sep-20

Coal producer New Hope Corporation has posted a net loss of $156.7m for the year to 31 July, following a $210.4m profit for the previous financial year. The latest result was marred by writedowns totalling $346m, including a $110.7m impairment charge against its New Acland thermal coal mine. New Hope has also retrenched 175 workers at the New Acland mine, whose proposed expansion is subject to a legal challenge from environmentalists. A total of 23 jobs have also been cut at its head office and Brisbane coal terminal, while shareholders will not receive a final dividend.

CORPORATES
NEW HOPE CORPORATION LIMITED – ASX NHC

Investors query AMP turnaround

Original article by James Frost
The Australian Financial Review – Page: 17 & 22 : 9-Aug-19

AMP has announced a loss of $2.3bn for the first half of 2019 and a new strategy to turn around its fortunes. Amongst other things, the wealth manager aims to reduce costs by about $300m a year. AMP has also flagged plans to significantly reduce the number of financial advisers in its network and place more emphasis on so-called roboadvice. AMP will also continue to pursue the sale of its life insurance business to Resolution Life, while it will issue new shares at $1.50 apiece via a $650m capital raising.

CORPORATES
AMP LIMITED – ASX AMP, RESOLUTION LIFE GROUP LIMITED, MERLON CAPITAL PARTNERS PTY LTD, ALLAN GRAY AUSTRALIA PTY LTD

Guthrie’s pay up as ABC lost millions

Original article by Stephen Brook, Lilly Vitorovich
The Australian – Page: 1 & 7 : 1-Nov-18

The ABC’s annual report shows that the public broadcaster booked an operating loss of $71.2m in 2017-18, compared with expectations of a $3.09m surplus. The loss has been attributed to factors such as $54.7m in redundancy costs and higher investment in local content. The annual report also shows that former MD Michelle Guthrie was paid $963,991 in 2017-18, an increase of 8.2 per cent. Ex-chairman Justin Milne was paid $187,213 in his first – and only – full year in the role.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Prime blames loss on ad decline

Original article by Stephen Brook
The Australian – Page: 21 : 29-Aug-18

The Seven Network’s regional affiliate Prime Media Group has posted a 2017-18 net loss of $12.28m, compared with a loss of $48m previously. Prime’s revenue of $219.16m was 8.7 per cent lower than the previous financial year, while EBITDA fell 29.5 per cent to $45.16m and operating expenses rose 10.2 per cent to $55.02m.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM

McGrath writes off all goodwill

Original article by Su-Lin Tan
The Australian Financial Review – Page: 35 : 21-Aug-18

Listed real estate agency McGrath has reported a net loss of $63 million for 2017-18, which includes an impairment expense of $59 million after writing off its entire goodwill. McGrath recorded EBITDA of $1 million, while revenue fell by 23 per cent to $99 million. Its full-year fees from property management were down, with the number of properties managed by company-owned agencies declining from 7,463 to 7,215.

CORPORATES
McGRATH LIMITED – ASX MEA

Fairfax bets on merger as regionals hit profit

Original article by Stephen Brook
The Australian – Page: 19 : 16-Aug-18

Fairfax Media has posted a 2017-18 net loss of $63.8m, compared with a $83.9m profit previously. The latest result was affected by writedowns associated with Fairfax’s regional newspapers and its New Zealand division, while revenue was down 2.8 per cent. Fairfax CEO Greg Hywood says the proposed merger with Nine Entertainment Company will allow the combined group to increase its audience reach and marketing inventory.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, STAN ENTERTAINMENT PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, STUFF LIMITED, GOOGLE INCORPORATED

Mitsui offer for AWE deemed fair

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 18 : 22-Feb-18

AWE Limited has posted a 2017-18 interim net loss of $A23.8m, although its underlying loss narrowed from $A11.5m previously to just $A5.3m. Meanwhile, an independent expert’s report by Grant Thornton has concluded that the $A602m takeover offer from Japan-based Mitsui is "fair and reasonable". The firm values AWE’s shares at between $A0.78 and $A1.06, compared with Mitsui’s offer of $A0.95 per share. RBC Capital Markets says Mineral Resources and China Energy Reserve & Chemical Group are unlikely to make new offers for AWE.

CORPORATES
AWE LIMITED – ASX AWE, GRANT THORNTON AUSTRALIA, MITSUI AND COMPANY LIMITED, RBC CAPITAL MARKETS, MINERAL RESOURCES LIMITED – ASX MIN, CHINA ENERGY RESERVE AND CHEMICAL GROUP COMPANY LIMITED, LATTICE ENERGY LIMITED, BEACH ENERGY LIMITED – ASX BPT

Former insiders cast doubt on company trading update

Original article by Su-Lin Tan
The Australian Financial Review – Page: 8 : 23-Jan-18

Listed real estate firm McGrath advised the ASX of an earnings downgrade on 22 January. McGrath reported that it expects to make a loss of $A50,000 for the first half of 2017-18, although internal documents provided to a newspaper suggested that the figure might be a lot higher. Past employees of McGrath suggest that the figures it provided to the ASX were somewhat optimistic. It is also understood that Peter Malouf recently resigned as head of training at McGrath, as did Michael Conolly as head of network property management.

CORPORATES
McGRATH LIMITED – ASX MEA

Oil’s not well: $4.5bn loss for sector

Original article by Matt Chambers
The Australian – Page: 17 & 20 : 23-Oct-17

Australia’s oil and gas sector produced a record 488 million barrels of oil equivalent in 2015-16, according to the Australian Petroleum Production & Exploration Association. However, APPEA also reported that the sector recorded a combined net loss of $A4.5 billion, the worst result since its annual surveys began in 1987-88. Taxes and royalties paid by the oil and gas sector fell from $A5.24 billion to $A4.25 billion, while total revenue fell from $A29.99 billion to $A23.73 billion.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, ORGANISATION OF PETROLEUM EXPORTING COUNTRIES, LIBERAL PARTY OF AUSTRALIA