Southern Cross hit hard by sell-off

Original article by Lilly Vitorovich
The Australian – Page: 19 : 16-Oct-19

Southern Cross Media Group has advised that EBITDA for the first half of 2019-20 is expected to be within the range of $60m to $68m, compared with $82m for the same period in 2018-19. The group has also reported that revenue for the first quarter was 8.5 per cent lower than previously, due to challenging conditions in the advertising market. CFO Nick McKechnie says the group has no plans for further asset sales after selling its broadcast transmission assets in August.

CORPORATES
SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, BROADCAST AUSTRALIA PTY LTD

ANZ compo bill jumps to $1.2bn

Original article by Joyce Moullakis
The Australian – Page: 21 : 9-Oct-19

The ANZ Bank has advised that its cash profit for the second half of 2018-19 will be marred by an after-tax charge of $559m due to increased provisions for customer-related remediation. ANZ has now announced a total of $1.22bn in after-tax compensation charges since 2017. Australia’s major banks have set aside a combined $7.6bn pre-tax to compensate customers, and Jarrod Martin of Credit Suisse expects this to increase. ANZ will release its financial results for the year to 30 September in late October.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CREDIT SUISSE (AUSTRALIA) LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, MORGANS FINANCIAL LIMITED, CITIGROUP PTY LTD

Brickworks sees new strength in housing nationwide

Original article by Simon Evans
The Australian Financial Review – Page: 15 : 20-Sep-19

Brickworks released its results for the year ending 31 July on 19 September, with Australia’s biggest brickmaker reporting a net profit of $154.6 million, down 12 per cent. Brickworks’ Australian business recorded EBIT of $57 million, down 27 per cent, while it declared a final dividend of $0.38 per share, up six per cent, with payment of the dividend to be made on 27 November. Brickworks MD Lindsay Partridge says the housing market is starting to improve, while he called for greater regulation and tighter control of poor-quality building products and sub-standard construction practices.

CORPORATES
BRICKWORKS LIMITED – ASX BKW

Telstra stung by go-slow on NBN

Original article by Supratim Adhikari
The Australian – Page: 19 : 3-Sep-19

NBN Co’s latest corporate plan indicates that seven million homes will have an active National Broadband Network service by 30 June 2020, compared to its previous forecast of 7.5 million. The slowdown in the number of homes being connected to the NBN will not only impact on NBN Co’s revenue forecasts but on Telstra’s as well. The telco has advised that the slowdown will reduce its revenue by about $400m.

CORPORATES
NBN CO LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS

Retail king Harvey says: ‘I’m never going to retire’

Original article by Carrie LaFrenz
The Australian Financial Review – Page: 15 : 2-Sep-19

Harvey Norman chairman Gerry Harvey says the company recorded three per cent growth in same-stores sales during the first two months of 2019-20. The furniture and consumer electronics retailer’s pre-tax net profit for 2018-19 was 8.4 per cent higher than previously, at $574.56m. Meanwhile, Harvey has ruled out retirement, despite approaching his 80th birthday.

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN

Stan’s high-stakes battle in new Disney landscape

Original article by Lilly Vitorovich
The Australian – Page: 19 : 23-Aug-19

Video streaming service Stan has posted earnings of $500,000 for the second half of 2018-19, although it has made a full-year loss of $21.3m. Revenue increased by 62 per cent to $157.1m, while the number of active subscribers rose by 200,000 to 1.7 million. Stan’s costs increased by 23 per cent to $178.4m, largely due to expenditure on marketing its Disney content, which it is likely to lose when the rival Disney+ streaming service is launched in Australia in late 2019.

CORPORATES
STAN ENTERTAINMENT PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, WALT DISNEY COMPANY, NETFLIX INCORPORATED, FOXTEL NOW, KAYO SPORTS, AMAZON PRIME VIDEO, HAYU, PARAMOUNT PICTURES CORPORATION, VIACOM INCORPORATED, SHOWTIME, CBS CORPORATION

Economic fears don’t stop Aussies flying out

Original article by Jenny Wiggins
The Australian Financial Review – Page: 18 : 16-Aug-19

Sydney Airport advised on 15 August that it had recorded a first half net profit of $17.3 million, down 90 per cent. Domestic passengers flying through Sydney fell by 1.5 per cent in the reporting period, but international travellers flying through Sydney rose by 1.9 per cent. Roy Morgan reported recently that 26.5 per cent of Australians had taken an overseas holiday in the past year, up from just 13.1 per cent in 2000-01, and Sydney Airport’s international traveller figures were helped by tens of thousands more Australians going overseas when compared to the previous corresponding period.

CORPORATES
SYDNEY AIRPORT – ASX SYD, ROY MORGAN LIMITED

Treasury Wine answers critics with big profit

Original article by Eli Greenblat
The Australian – Page: Online : 16-Aug-19

Treasury Wine Estates released its 2018-19 results on 15 August, with the company reporting a net profit of $419.5 million, up 16 per cent. Sales increased by 17 per cent to $2.831 billion, while Treasury Wine declared a final dividend of $0.20 per share, up from $0.17. Its earnings in Asia rose 43 per cent to $293.5 million, while earnings in the Americas and Australia rose 13 per cent and 15 per cent respectively. As well as releasing its full year results, Treasury Wine also advised it had acquired the French winery Cambon La Pelouse.

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, CAMBON LA PELOUSE

Whitehaven books record profit, doles out special dividend

Original article by Nick Evans
The Australian – Page: Online : 16-Aug-19

Whitehaven Coal has reported a statutory net profit of $527.9 million for the 2019 fiscal year, while advising that its net profit after tax of $564.9 million was a record one for the company. Whitehaven’s underlying EBITDA of $1.04 billion was up $29.8 million on the previous corresponding period. Whitehaven declared a final dividend of $0.13 per share, along with a special dividend of $0.17 per share. Whitehaven achieved an average price of $US100/tonne for its thermal coal for the year, up $US2/tonne.

CORPORATES

Tabcorp says lotteries demerger calls total nonsense

Original article by James Thomson
The Australian Financial Review – Page: 15 : 15-Aug-19

Gambling company Tabcorp released its 2018-19 full year results, reporting an underlying net profit of $397.6 million, up 42.5 per cent. It was the first full-year results released by Tabcorp since its $11 billion merger with Tatts Group, with Tabcorp’s lotteries division reporting a 29 per cent increase in EBITDA to $509 million. However, its wagering and media division saw its EBITDA fall 7.9 per cent to $416 million. Commenting on calls for Tabcorp to demerge its lotteries business, CEO David Attenborough said there were no plans to do so.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED, PERPETUAL LIMITED – ASX PPT