COMPANY RESULTS – 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

Buy now, merge later: Zip, Sezzle in $491m tie-up

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Original article by David Ross
The Australian – Page: 13 & 16 : 1-Mar-22

Zip Co will acquire ‘buy now, pay later’ rival Sezzle in an all-scrip deal that values the latter at $491 million. The transaction comes less than two months after Latitude Financial announced that it would buy Humm’s BNPL and credit card businesses. The announcement coincided with the release of Zip’s results for the six months to 31 December. Zip reported an interim loss of $172.8 million, down from $455.9 million a year earlier, while revenue was up 89 per cent to $302.2 million.

CORPORATES
ZIP CO LIMITED – ASX Z1P, SEZZLE INCORPORATED – ASX SZL, LATITUDE FINANCIAL SERVICES GROUP LIMITED – ASX LFS, HUMM GROUP LIMITED – ASX HUM

Buy now, merge later: Zip, Sezzle in $491m tie-up

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Original article by David Ross
The Australian – Page: 13 & 16 : 1-Mar-22

Zip Co will acquire ‘buy now, pay later’ rival Sezzle in an all-scrip deal that values the latter at $491 million. The transaction comes less than two months after Latitude Financial announced that it would buy Humm’s BNPL and credit card businesses. The announcement coincided with the release of Zip’s results for the six months to 31 December. Zip reported an interim loss of $172.8 million, down from $455.9 million a year earlier, while revenue was up 89 per cent to $302.2 million.

CORPORATES
ZIP CO LIMITED – ASX Z1P, SEZZLE INCORPORATED – ASX SZL, LATITUDE FINANCIAL SERVICES GROUP LIMITED – ASX LFS, HUMM GROUP LIMITED – ASX HUM

Covid-19 crimps Rio Tinto iron ore

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Original article by Nick Evans
The Australian – Page: 13 & 14 : 19-Jan-22

Rio Tinto’s latest production report shows that its iron ore shipments fell by three per cent to 321.6 million tonnes in calendar 2021. This is at the lower end of its revised target for the year, which was scaled back to between 320 and 325 million tonnes in October. The resources group expects its iron ore shipments in 2022 to be within the range of 320 to 335 million tonnes; however, the company has cautioned that its full-year guidance could be affected by any new outbreak of COVID-19 as Western Australia reopens its borders. Rio Tinto also reported lower full-year production of copper, titanium dioxide, bauxite and aluminium.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Westpac takes $1.3b profit hit on write-downs

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Original article by James Eyers
The Australian Financial Review – Page: 15 & 20 : 13-Oct-21

Westpac has advised that a $965m writedown associated with its institutional banking division will reduce its profit for the second half of 2020-21 by $1.3bn. Westpac will also make further provision of $172m for customer remediation and potential legal action in the wake of the Hayne royal commission. Westpac’s common equity tier 1 capital ratio will be reduced by 15 basis points as a result of the writedowns. Meanwhile, the Commonwealth Bank has indicated that its own its remedial action plan has been completed, more than three years after entering into an enforceable undertaking with the prudential regulator.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Foxtel’s Kayo, Binge drive growth back to profit

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Original article by Miranda Ward
The Australian Financial Review – Page: 24 : 7-Aug-21

Media giant News Corporation has posted a 2020-21 net profit of $US389m ($525.6m), compared with a loss of $US1.55bn for the previous financial year. Revenue rose four per cent year-on-year to $US9.36bn, while EBITDA was up 26 per cent at $US1.27bn. Meanwhile, News Corp Australia’s revenue was one per cent lower than previously, but the revenue of pay-TV group Foxtel was boosted by strong growth in subscriptions for its Binge and Kayo streaming services.

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, BINGE, KAYO SPORTS

BHP flags long China coal ban

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 21-Jul-21

BHP has advised that it produced a record 284.1 million tonnes of iron ore in the Pilbara region of Western Australia during 2020-21. The resources group shipped 283.9 million tonnes of iron ore from the Pilbara, compared with 283.3 million tonnes for the previous financial year. BHP expects to produce 278 to 288 million tonnes of iron ore in the Pilbara in 2021-22, while the group has warned that China’s ban on Australian coal imports is likely to remain in place for some time.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Rio feels pinch as labour hit slows exports

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Original article by Nick Evans
The Weekend Australian – Page: 25 : 17-Jul-21

Rio Tinto’s iron ore shipments fell 12 per cent to 76.3 million tonnes in the June quarter, while its half-year shipments were down three per cent to 154.1 million tonnes. Rio cited a range of factors for the fall in shipments, including labour shortages and the need to revamp mine plans around Pilbara heritage sites. Rio’s previous full year guidance for shipments was between 325 to 340 million tonnes, and it now expects shipments to be at the lower end of its forecast. However, to even achieve that will require it to ship 171 million tonnes in the second half of 2021

CORPORATES
RIO TINTO LIMITED – ASX RIO

Metcash swings back into the black

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Original article by Valerina Changarathil
The Australian – Page: 15 : 29-Jun-21

Grocery, hardware and liquor wholesaler Metcash released its results for the year to 30 April on 28 June, with Metcash reporting an after tax profit of $239 million. This compared to a loss of $56.8 million for the previous corresponding period, while underlying profit jumped 27 per cent to $252.7 million. Revenue was up almost 10 per cent to $14.3 billion, while operating cash flow increased from $117.5 million to $457.5 million. Metcash declared a dividend of $0.095, while it announced an off-market share buyback of about $175 million.

CORPORATES
METCASH LIMITED – ASX MTS

Inflation pressures are percolating: Nestle chief

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Original article by Eli Greenblat
The Australian – Page: 13 & 17 : 24-Jun-21

Nestle Australia has revealed that it recorded sales of $2.37 billion for the 2020 calendar year, up 7.9 per cent. It posted a profit of $122.6 million, up from $30.7 million in 2019, with that result having been impacted by $48 million in impairments. Nestle Oceania CEO Sandra Martinez says the company has had deal with dramatic increases in costs over the past 12 months, covering everything from coffee to shipping containers. She says its increased costs will have to be passed onto consumers at some point.

CORPORATES
NESTLE AUSTRALIA LIMITED