The Agency to defy debt claim with sales jump

Original article by Lachlan Moffet Gray
The Australian – Page: 16 : 25-Jan-21

Real estate group The Agency has reported revenue of $29.1 million for its latest first half, with the result being a record for the company. Unaudited EBITDA for the half came in at $1.6 million, excluding government benefits like JobKeeper, while the company recorded positive operating cashflow of $1.54 million. The record revenue result came just days after a creditor sought to place The Agency in administration over a disputed fee of $385,000.

CORPORATES

Smaller loss may not spare embattled Lytton refinery

Original article by Lachlan Moffet Gray
The Australian – Page: 19 : 15-Jan-21

Ampol will still undertake a review of its Lytton refinery in Brisbane, despite the facility posting a lower-than expected loss for 2020. The refinery’s loss for the calendar year was $20m lower than the consensus forecasts of analysts, at $145m on a replacement cost of sales operating profit basis. The refinery produced 3.469 billion litres of fuel during 2020, compared with 5.8 billion litres in 2019. Ampol has cautioned that the economic outlook in 2021 remains uncertain due to the ongoing impact of COVID-19 on demand for fuel.

CORPORATES
AMPOL LIMITED – ALD

CBA profits cut despite growth in lending

Original article by James Frost, James Eyers
The Australian Financial Review – Page: 17 : 12-Nov-20

The Commonwealth Bank of Australia has reported a cash profit of $1.8bn for the September quarter, which is 16 per cent lower than previously. Household deposits increased by $15.8bn during the first three months of 2020-21, while mortgage lending increased by $5.6bn. CBA has advised that its net interest margin was lower than in the second half of 2019-20, primarily due to the impact of lower interest rates. CBA has also reported a sharp fall in the number of deferred loans since the end of the September quarter.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Westpac resumes dividend as profits plummet 62pc

Original article by James Frost, James Eyers
The Australian Financial Review – Page: Online : 3-Nov-20

Westpac announced on 2 November that it had recorded a full-year cash profit of $2.608 billion, down 62 per cent. Cash earnings by its consumer bank unit were down 12 per cent to $2.7 billion, while earnings by its business bank unit declined by 62 per cent to $734 million. Impairments for bad and doubtful debts were raised by $2.2 billion to $6.2 billion, while Westpac will pay a pay a fully franked final dividend of $0.31 per share on 18 December.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

It’s money in the till as Ritchies’ profit doubles

Original article by Sue Mitchell
The Australian Financial Review – Page: 19 : 3-Nov-20

Independent supermarket retailer Ritchies has advised that its pre-tax profit for the 12 months ending June rose 98 per cent to $37.7 million. Net profit was up 79 per cent to $24.9 million, while sales increased by 14.7 per cent to $1.25 billion. CEO Fred Harrison said COVID-19 had helped bring about its better result, but he believes Ritchies was already on the improve before the pandemic hit. Harrison reaffirmed that he had no plans to exercise a put option to sell Ritchies to grocery, liquor and hardware wholesaler Metcash, which owns 26 per cent of Ritchies.

CORPORATES
RITCHIES STORES PTY LTD, METCASH LIMITED – ASX MTS

ANZ warns of $528m profit hit

Original article by Joyce Moullakis
The Australian – Page: 17 : 28-Oct-20

The ANZ Bank has advised that its financial results for the second half of 2019-20 will be marred by an after-tax charge of $528m. This includes a $188m charge associated with its customer remediation program and a $138m hit with regard to its software amortisation policy. ANZ will release its full-year results on 29 October. Westpac and National Australia Bank also recently indicated that their upcoming full-year results will include writedowns and impairment charges in the second half.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Dividend doubt as Westpac flags profit hit

Original article by Joyce Moullakis
The Australian – Page: 13 & 17 : 27-Oct-20

Westpac has advised that its financial results for the second half of 2019-20 will be marred by $1.22bn worth of write-downs and impairment charges. This includes a $406m write-down of its life insurance business and a $415m increase in provision for its settlement with Austrac for breaching anti-money laundering laws. Westpac will also incur an additional $104m in costs associated with its customer remediation program. UBS expects Westpac to pay a final dividend of $0.35 per share, after withholding its interim payout due to the coronavirus pandemic.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, UBS HOLDINGS PTY LTD

OZ Minerals adds glowing copper to golden outlook

Original article by Nick Evans
The Australian – Page: 19 : 23-Oct-20

OZ Minerals produced 23,873 tonnes of copper in the September quarter, compared with 24,577 tonnes in the three months to June. Gold output also fell slightly, to 66,746 ounces. OZ has upgraded its full-year guidance for gold production to between 242,000 and 259,000 ounces, with production at its Prominent Hill mine in South Australia expected to be 10,000 to 15,000 ounces higher than previously forecast. Full-year copper production is expected to be in line with earlier guidance. OZ shares closed 5.3 per cent higher at 15.97 on 22 October.

CORPORATES
OZ MINERALS LIMITED – ASX OZL

AMP bids to reassure investors on outflows

Original article by Cliona O’Dowd
The Australian – Page: 17 : 23-Oct-20

AMP CEO Francesco De Ferrari says the company has been resilient during the coronavirus pandemic. However, the wealth manager has reported net outflows of $8bn for the September quarter, with net inflows of just $6bn. The AMP Capital division has posted net outflows of $1.1bn for the period, while its assets under management fell 0.4 per cent to $189.2bn. Meanwhile, AMP Bank’s deposits increased by $52m to $17bn during the quarter, but its loan book fell $303m to $20.6bn.

CORPORATES
AMP LIMITED – ASX AMP, AMP CAPITAL INVESTORS LIMITED, AMP BANK LIMITED

Results so far are a shot in the arm for investors

Original article by David Rogers
The Australian – Page: 23 : 20-Aug-20

The S&P/ASX 200 has gained two per cent since the start of the August reporting season. Investors have responded positively to earning results, dividend payouts and outlook guidance, as well as a rally in the S&P 500 and the continued strength of commodity prices. Indeed, dividend announcements were a common factor among many stocks that outperformed on 19 August; likewise, a lack of dividend payments contributed to some stocks being sold down.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S 500 INDEX