COMPANY RESULTS – AUSTRALIA

Lynas stockpiling on threat of Malaysia disruption

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Original article by Nick Evans
The Australian – Page: 15 : 28-Feb-23

Lynas Rare Earths has reported its results for the first half of its financial year, reporting revenue of $370 million for the period, up from $314.8 million. Net profit fell from $156.9 million to $150.1 million, while EBITDA came in at $189 million. With its Malaysian cracking and leaching plant under threat of closure as from 1 July, Lynas indicated it is stockpiling processed material for use at its rare earth oxide refinery in Malaysia, while at the same time hoping to get its cracking and leaching plant in Western Australia up and running in time to avoid any disruptions to operations at its rare earth oxide refinery.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC

KIIS FM boss plays down Seven West tie-up talk

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Original article by Zoe Samios
The Age – Page: Online : 22-Feb-23

Listed media group HT&E has posted a statutory loss of $176.3m for calendar 2022. The result was marred by a $249.9m impairment charge on the value of its radio business. However, underlying EBITDA and revenue both rose by 53 per cent, to $91.8m and $344.9m respectively. There has been recent media speculation of a potential merger with Seven West Media, but HT&E CEO Ciaran Davis says he has not heard from Seven. He adds that HT&E would be an "absolute prime target" in the event of further consolidation in the media sector. Davis has also indicated that HT&E may look at divesting its Hong Kong-based Cody outdoor advertising firm later in 2023.

CORPORATES
HT&E LIMITED – ASX HT1, SEVEN WEST MEDIA LIMITED – ASX SWM, CODY

Evolution puts mill expansion on table

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Original article by Nick Evans
The Australian – Page: 14 : 25-Jan-23

Evolution Mining produced 166,404 ounces of gold during the December quarter, which is three per cent higher than the previous three months. Production at the flagship Cowal mine in NSW rose by 33 per cent to 76,676 ounces, although output at the Red Lake mine in Canada fell by 30 per cent to 24,960 ounces. Meanwhile, CEO Lawrie Conway says Evolution has completed a feasibility study on the proposed expansion of the processing plant at its Mungari mine in Western Australia; the company’s board will consider the proposal in February. The expansion was put on hold in mid-2022 due to concerns about rising construction costs and a labour shortage in WA.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN

Santos pumps up the sales volume with record year

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Original article by Perry Williams
The Australian – Page: 15 : 20-Jan-23

Oil and gas producer Santos has advised that its total output for calendar 2022 was 103.2 million barrels of oil equivalent. This was at the lower end of its full-year guidance, but 12 per cent higher than the previous year. Production fell by two per cent quarter-on-quarter in the final three months of 2022 after a gas leak forced the temporary closure of the John Brookes platform in November; it is not expected to resume production before the end of January, which has prompted Santos to slightly downgrade its production guidance for 2023. Meanwhile, Santos’s revenue rose by 65 per cent to a record $US7.8bn ($11.2bn) in 2022.

CORPORATES
SANTOS LIMITED – ASX STO

BHP hits iron ore production record

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Original article by Danielle Le Messurier, Gerard Cockburn
The West Australian – Page: Online : 20-Jan-23

BHP has advised that its iron ore production in the Pilbara rose by three per cent in the December quarter, to 74.3 million tonnes. Iron ore output rose to a record high of 146.4 million tonnes in the first half of 2022-23, as production at the South Flank mine ramped up. However, shipments from the Pilbara fell slightly compared with the same period in 2021-22. BHP still expects iron ore production for the full year to be within the range of 249-260 million tonnes. Meanwhile, BHP has warned that production costs are rising at both its iron ore operations and its Queensland and NSW coal mines.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Rio’s big new mine to hit full speed

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 18-Jan-23

Rio Tinto has advised that it expects iron ore shipments from the Pilbara in calendar 2023 to be within the range of 320 million to 335 million tonnes. This is in line with its 2022 guidance; its shipments for the year were at the bottom end of this range, at 321.6 million tonnes. Meanwhile, Rio Tinto has indicated that its new Gudai-Darri iron ore mine is expected to reach its maximum capacity of 43 million tonnes a year on a "sustained basis" at some stage in 2023. BHP and Fortescue Metals Group are slated to release their quarterly iron ore export data in coming days.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG

Gold miner St Barbara smashed by skills, gear shortage

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Original article by Peter Ker
The Australian Financial Review – Page: 18 & 24 : 19-Oct-22

St Barbara has advised that its gold production for 2022-23 will be within the range of 260,000 to 290,000 ounces. It had forecast full-year output of between 280,000 ounces and 315,000 ounces in mid-September. The company has attributed the production downward to labour shortages at its flagship Gwalia mine, which posted a significant fall in output for the September quarter. St Barbara sold 62,726 ounces of gold during the period, at an average price of $2,486 per ounce. Its shares closed nearly 22 per cent lower at $0.525 on Tuesday.

CORPORATES
ST BARBARA LIMITED – ASX SBM

Unprofitable firms worth $60b on ASX

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Original article by Vesna Poljak
The Australian Financial Review – Page: 23 : 21-Sep-22

Research from MST Marquee shows that 50 companies in the S&P/ASX 300 are unprofitable, up from 48 prior to the index’s latest quarterly rebalance. Hasan Tevfik of MST notes that investors continue to back unprofitable companies despite their poor performance, noting that these companies have a combined market capitalisation of about $60bn. He says the continued support for profitless companies may be due to investors’ hopes that they will deliver strong returns, as they did in 2009 and the first year of the pandemic.

CORPORATES
MST MARQUEE, STANDARD AND POOR’S ASX 300 INDEX

Myer defies rates gloom, tips big Christmas

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 15 : 16-Sep-22

Department store chain Myer released its latest full-year results on 15 September, announcing an underlying net profit of $60.2 million, up 16.5 per cent. Bottom-line profit rose 5.7 per cent to $49 million, while full-year sales were up 12.5 per cent to $2.99 billion; a final dividend of $0.025 per share was declared, to be paid on 7 November. Myer CEO John King said the company was expecting strong trade over the Christmas period, although he expressed fears about the level of consumer confidence, particularly if the Reserve Bank lifts interest rates again at its October meeting.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, RESERVE BANK OF AUSTRALIA

Super-profit tax already here: Exxon

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Original article by Perry Williams
The Australian – Page: 15 & 19 : 16-Sep-22

ExxonMobil’s Australian unit states it paid $740 million in petroleum resource rent tax (PRRT) for the year ending June, compared to $423 million for the previous year. Exxon Mobil contends that the PRRT amounts to a windfall tax, meaning that there is no need for a super-profits tax to be applied to the oil and gas sector, as the Greens and unions have called for. ExxonMobil announced in May that it would resume paying corporate tax for the first time in nearly 10 years, and it now states that it will pay $750 million in corporate tax for the year ending 31 December.

CORPORATES
EXXONMOBIL AUSTRALIA PTY LTD