COMPANY RESULTS – AUSTRALIA

Woodside cool on play for rival Santos

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 & 16 : 19-Apr-18

Woodside Petroleum has advised that its sales rose by 18 per cent to $US1.169bn in the March 2018 quarter. The oil and gas group’s production rose from 21.4 million barrels of oil equivalent in the March 2017 quarter to 22.2 million boe, with the result being boosted by the contribution from its 13 per cent stake in the Wheatstone LNG project. CEO Peter Coleman has downplayed speculation that Woodside could bid for Santos, stressing that the Browse and Scarborough gas fields are its priorities.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, SANTOS LIMITED – ASX STO, CHEVRON CORPORATION, HARBOUR ENERGY LIMITED, JP MORGAN AUSTRALIA LIMITED

Trains give Rio’s iron ore unit a push

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Original article by James Thomson
The Australian Financial Review – Page: 15 : 19-Apr-18

Rio Tinto has advised that its Pilbara iron ore shipments totalled 80.3 million tonnes in the March 2018 quarter, which is 11 per cent lower than the December quarter but five per cent higher year-on-year. The resources group still expects shipments for the full year to be within the range of 330 million and 340 million tonnes. Rio Tinto has also advised that it expects the AutoHaul autonomous train project to be completed in 2018, and says the proportion of trains that are operating in autonomous mode rose from 60 per cent to 65 per during the quarter.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, ROYAL BANK OF CANADA, QUEENSLAND ALUMINA LIMITED, RUSAL

Under-pressure HT&E rejects oOh!Media offer for Adshel

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Original article by Dana McCauley, Bridget Carter, Scott Murdoch
The Australian – Page: 19 : 12-Apr-18

Australian-listed HT&E has advised that oOh!Media has made a non-binding and conditional offer for its Adshel outdoor advertising division. However, HT&E’s board has deemed that the offer undervalues Adshel. Meanwhile, the company has indicated that Adshel’s revenue for the March quarter was consistent with guidance issued in February. HT&E has forecast that EBITDA for 2018 will be within the range of $A113m to $A114m.

CORPORATES
HT&E LIMITED – ASX HT1, ADSHEL PTY LTD, OOH!MEDIA LIMITED – ASX OML, AUSTRALIAN RADIO NETWORK PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

David Jones not looking at riding to Myer’s rescue

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Original article by Eli Greenblat
The Australian – Page: 19 : 23-Feb-18

Department store chain Myer canvassed rival David Jones about what would have been a $A3 billion merger in late 2013, but the potential deal never got off the ground. Myer shares fell a record low of less than $A0.50 on 22 February, amid growing fears about its financial health. Ian Moir, the CEO of David Jones’ parent Woolworths Holdings, said he has no interest in making a bid for Myer. David Jones’ operating profit fell by 29.4 per cent in the December half, and Moir said his focus is on improving its performance.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, DAVID JONES LIMITED, WOOLWORTHS HOLDINGS LIMITED

CBA’s half-year profit misses expectations

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Original article by James Frost
The Australian Financial Review – Page: 13 & 16 : 8-Feb-18

The Commonwealth Bank of Australia has posted a 2017-18 interim cash profit of $A4.73bn, which is 1.9 per cent lower than previously. The result was marred by $A575m worth of provisions, including some $A375m associated with Austrac’s investigation into money-laundering allegations. CBA’s cash profit rose 5.8 per cent to $A5.11 billion if the provisions are excluded. Meanwhile, CBA’s retail banking division has reported a cash profit of $A2.653bn, an increase of eight per cent, while its business and private banking division’s cash profit rose by nine per cent to $A960m.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, ARGO INVESTMENTS LIMITED – ASX ARG, PERENNIAL INVESTMENT PARTNERS LIMITED

Rio investors tipped for mighty big win

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Original article by Darren Gray
The Age – Page: 23 : 6-Feb-18

Rio Tinto will release its full-year results on 7 February, and Macquarie Wealth Management forecasts that it will reveal underlying earnings of $US8.88 billion, up 74 per cent, and that cash from operations will rise by 63 per cent to $US13.809 billion. Macquarie also predicts that Rio shareholders will receive a final dividend of $US1.96 per share. This would bring Rio’s total dividend payment for 2017 to $US3.06 per share.

CORPORATES
RIO TINTO LIMITED – ASX RIO, MACQUARIE WEALTH MANAGEMENT

Atlas irons out a profit problem

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Original article by Paul Garvey
The Australian – Page: 19 : 30-Jan-18

Shares in Atlas Iron shed more than 16 per cent to close at $A0.026 on 29 January, after the iron ore miner advised that its Pilbara operations posted a cash loss of $A1.2m during the December 2017 quarter. Atlas Iron’s net cash position fell to $A104m at the end of the quarter, amid a sharp rise in the price discount for lower-grade iron ore. CEO Cliff Lawrenson says Atlas Iron’s daily operations are making money despite the price discount. He adds that the expected closure of Cliffs’ Koolyanobbing iron ore mine later in 2018 could create new supply opportunities for Atlas.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, CLEVELAND-CLIFFS INCORPORATED, PILBARA MINERALS LIMITED – ASX PLS, FORTESCUE METALS GROUP LIMITED – ASX FMG

Santos’ full-year sales up 20pc

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 38 : 25-Jan-18

Oil and gas group Santos has advised that its sales rose 14 per cent in the December 2017 quarter, to $US861bn ($A1.07bn), while sales for the calendar year were up 20 per cent to $US3.1bn. Total production for the year was 3.4 per cent lower than previously at 59.5 million barrels of oil equivalent, although it was at the higher end of the company’s guidance. Santos still expects its output for 2018 to be within the range of 55 million to 60 million boe.

CORPORATES
SANTOS LIMITED – ASX STO, JP MORGAN AUSTRALIA LIMITED, HARBOUR ENERGY LIMITED

Woodside revs up China gas push

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 19-Jan-18

Woodside Petroleum has advised that it produced 21.9 million barrels of oil equivalent during the December 2017 quarter, which is 7.9 per cent lower than the previous corresponding period. Revenue fell by 6.9 per cent year-on-year to $US939m ($A1.2bn). Meanwhile, some analysts say Woodside’s production guidance of 85 million to 90 million boe for 2018 is lower than expected. CEO Peter Coleman has indicated that Woodside will expand its LNG marketing office in China amid growing Chinese demand for gas.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, PETROCHINA COMPANY LIMITED, JP MORGAN AUSTRALIA LIMITED, BERNSTEIN INVESTMENT RESEARCH AND MANAGEMENT, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Coking coal headaches prompt BHP to cut production guidance

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Original article by Matt Chambers
The Australian – Page: 15 & 16 : 19-Jan-18

BHP Billiton has advised that its overall production for 2017-18 is expected to be six per cent higher than previously. It had forecast seven per cent growth in production in October. Meanwhile, BHP’s coking coal production fell by eight per cent during the second quarter, to 10 million tonnes, but its iron ore output in the Pilbara increased by 11 per cent to a record 72 million tonnes. BHP will report its half-year results in February, with analysts expecting a underlying interim net profit of $US4.5bn ($5.6bn), compared with $US3.2bn previously.

CORPORATES
BHP BILLITON LIMITED – ASX BHP