CORPORATE PROFITS – AUSTRALIA

New LNG export trains to lift Oil Search output

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Original article by Matt Chambers
The Australian – Page: 20 : 21-Feb-18

Oil Search has posted a 2017 net profit of $US302.1m, which is 236 per cent higher than previously. MD Peter Botten says the company’s output could potentially double in the next 5-7 years, after Oil Search reached agreement with ExxonMobil and Total to increase their LNG output in Papua New Guinea by building three additional production trains. The new trains would feed gas from the Elk/Antelope gas field and the PNG LNG project into the existing PNG LNG plant. The expansion is subject to formal approval by the projects’ partners and the PNG government.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, EXXONMOBIL CORPORATION, TOTAL SA, WOODSIDE PETROLEUM LIMITED – ASX WPL

BHP surges on oil, copper

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Original article by Matt Chambers
The Australian – Page: 17 & 20 : 21-Feb-18

BHP Billiton has posted a 2017-18 interim underlying net profit of $US4.05bn ($A5.11bn). Although the result was 25 per cent higher than previously, it was below the consensus forecast of analysts. BHP’s statutory profit of $US2.02bn was down 37 per cent, due primarily to exceptional item associated with the Trump administration’s company tax cuts. Revenue exceeded market expectations at $US21.78bn, an increase of 21 per cent, and the interim dividend has risen from $US0.40 per share to $US0.55.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, ELLIOTT ASSOCIATES LIMITED PARTNERSHIP, RBC CAPITAL MARKETS, CITIGROUP PTY LTD

Domain chief to fix culture

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Original article by Dana McCauley
The Australian – Page: 17 & 28 : 20-Feb-18

Property listings group Domain Holdings has posted a 2017-18 interim loss of $A3.4m. It was Domain’s first result since it was spun off by Fairfax Media, and the company’s interim earnings before significant items fell eight per cent to $A24.7m on a pro forma basis. Domain is undertaking a global search for a new CEO, and executive chairman Nick Falloon says the successful applicant will be required to address the corporate culture issues that led to the resignation of former CEO Antony Catalano.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, REVIEW PROPERTY, CITIGROUP PTY LTD, TEN NETWORK HOLDINGS LIMITED

SEEK’s reinvestment delivers record revenue

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 15 : 20-Feb-18

Online job advertisements group SEEK has posted a 2017-18 interim underlying net profit of $A112.1m, which is 21 per cent higher than previously. It has advised that full-year profit is expected to be at the higher end of its previous forecast of $A225m to $A230m. Group revenue for the first half rose by 27 per cent to a record $A628m; its Australia and New Zealand division’s revenue rose 15 per cent and its international unit’s revenue was up 10 per cent. Shareholders will receive an interim dividend of $A0.24 per share.

CORPORATES
SEEK LIMITED – ASX SEK, BRASIL ONLINE HOLDINGS, ONLINE CAREER CENTER MEXICO SA DE CV

More gas needed to meet demand: Beach

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Original article by Matt Chambers
The Australian – Page: 28 : 20-Feb-18

Beach Energy has posted a 2017-18 interim net profit of $A95.7m, which is seven per cent lower than previously. Beach has advised that the expected annual cost savings from its acquisition of Lattice Energy will be around $A50m, compared with its previous guidance of $A20m. Meanwhile, Beach executive Lee Marshall has warned that the east coast will face a gas supply shortage by the mid-2020s unless new gas reserves are found and ones that are considered to be uncommercial at present are developed.

CORPORATES
BEACH ENERGY LIMITED – ASX BPT, LATTICE ENERGY LIMITED, ORIGIN ENERGY LIMITED – ASX ORG, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, SANTOS LIMITED – ASX STO

Telstra boss says 5G can kick-start telco sector earnings

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 16-Feb-18

Telstra has advised that that its net profit for the first half of 2017-18 was down 4.9 per cent to $A1.7 billion, while total revenue increased by 5.9 per cent to $A14.51 billion. CEO Andy Penn says the global telecommunications sector is going through a period of cyclical change. Customers are seeking to extract more value and data from their plans, while telcos’ margins are under pressure. However, Penn is optimistic that the introduction of 5G services will help to revive growth in the sector.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, NBN CO LIMITED, MOODY’S ANALYTICS AUSTRALIA PTY LTD, SINGTEL OPTUS PTY LTD, CITIGROUP PTY LTD

Brace for more volatility, warns ASX chief

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Original article by Glenda Korporaal
The Australian – Page: 21 : 16-Feb-18

Stock market operator ASX Limited has posted a 2018-17 interim net profit of $A230.5m, which is 5.1 per cent higher than previously. The half-year was characterised by a low level of market volatility, and ASX CEO Dominic Stevens says the volatility experienced so far in 2018 is likely to persist for 3-4 months. He adds that a certain amount of volatility can boost the earnings of stock exchange and futures market operators like the ASX, although he cautions that too much volatility can affect the IPO market.

CORPORATES
ASX LIMITED – ASX ASX

IAG profit jumps 24pc, as insurer mulls Asian exit

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Original article by Michael Roddan
The Australian – Page: 21 : 15-Feb-18

Insurance Australia Group has posted a 2017-18 interim net profit of $A551m, which is 24 per cent higher than previously. The insurer has written down the value of its Asian assets by $A50m, and indicated that it could potentially exit the region. Meanwhile, CEO Peter Harmer says the company took action to remedy problems with its "add-on" car insurance business well before the financial services commission commenced, and opted to withdraw from this sector of the market.

CORPORATES
INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, SWANN INSURANCE (AUSTRALIA) PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, NRMA LIMITED, CGU INSURANCE AUSTRALIA LIMITED, BERKSHIRE HATHAWAY INCORPORATED

NAB posts $1.65b in Q1 cash profit

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Original article by James Frost
The Australian Financial Review – Page: 21 : 9-Feb-18

Shares in National Australia Bank closed 2.3 per cent higher at $A28.90 on 8 February, after the major bank reported a cash profit of $A1.65bn for the first quarter of 2017-18. The result was three per cent higher than previously, while there was a 2.4 per decline in bad and doubtful debts. However, NAB’s expenses increased by four per cent during the quarter, and the bank expects expenses to rise by another 5-8 per cent during the remainder of the financial year. Citigroup has upgraded its recommendation on NAB’s shares to "buy".

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CITIGROUP PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, INVESTORS MUTUAL LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

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