Profit Results

Oroton (ORL), an upmarket Australian fashion house, has found that even during the global financial crisis, women were still in the market for pricey upmarket handbags and accessories. Sally Macdonald, the Oroton Chief Executive joined Oroton Group in September 2006 when the company reported a $9.4 million loss a result of high costs, underperforming brands and a string of dud acquisition deals under the leadership of controlling shareholders the Lane family.

Myer (MYR) has warned that sales for Australia's largest department store chain maybe flat as consumers no longer have the free government bonus handout cash to spend. The company had beaten forecasts and reported a 38 percent rise in their first half underlying profit due mainly to cost cutting and through selling higher margin private label products.

One of the major airlines companies of Australia, Qantas Airways (QAN) is planning to move forward with a $1.5 billion worth of cost cutting plan after it went through one of its hardest times due to the global financial crisis. It is to be mentioned that the Airways was put into the red for the second half and the annual profit dipped as much as around 90 percent.

Lihir Gold (LGL) has recorded $109.3 million profit for the year 2008. Analysts on average were expecting Lihir, whose main asset is the Lihir gold mine in Papua New Guinea, to report 2008 net profit of $122.13 million, based on Reuters Estimates, against a $24 million loss in 2007. Lihir Gold, the second largest gold mining company said second-half sales rose 64% to $468.9 million from $286.7 million, a year ago. Net profit rose 229.0% to $73.7 million compared to net profit of $22.4 million, a year ago.

Adelaide Brighton’s (ABC) net profit goes up by 6.1%. The company projected weakening levels of demand for cement during 2009 driven by the decline in commercial and residential construction activity across all markets. Revenue for the year to December 2008 rose 15.1% to $1.022 billion, although the company has warned the year ahead would be marked by tougher economic conditions with construction activity to decline by as much as 20%.

United Group (UGL) has posted a strong first half result with profit jumping 26 per cent to 65 million dollars. The company reported a 26% increase in EBIT to $110.4 million, while first-half operating cash-flow was $46.7 million. UGL Resources EBIT rose 37% and UGL Services posted a 7% increase in EBIT. UGL said gearing (net debt to net debt plus equity) was 31% at 31 December 2008 and that it had zero drawn debt maturing until the 2011 financial year.

Newcrest Mining (NCM) has posted a 16% jump in half-year underlying earnings, boosted by higher gold prices, but said it was under pressure from rising costs and lower copper prices. The company’s first half profit has lifted to $154 million from a loss in the prior corresponding period, and said it was in a strong position in a weak economy. The profit was up from an $8.1 million loss in the first half of fiscal 2008.

Commonwealth Bank of Australia (CBA) released its 1H09 reports yesterday. The bank posted a 16 per cent drop in first-half profit as bad corporate debts linked to the global financial crisis hit the bottom line. Bad debts soared nearly five-fold to more $1.5-billion. As flagged in Commonwealth's surprise profit upgrade earlier this month, the bank's operating performance was sound, highlighted by a 20 per cent increase in banking income due to fee rises and volume and market share gains.

Coca-Cola Amatil (CCL) has announced a 10 per cent rise in profit t404 million after taxes. Coca-Cola Amatil also said it expected to maintain dividend payments within the 70 percent to 80 percent range for 2009. The dividend was at 22 cents in 2008, a 71 percent payout ratio. Full-year profit of $404.3 million was in line with analysts expectations and was helped by new products and continuing hot summer weather.

JB Hi-Fi (JBH) records a 46.8% rise in sales in its New Zealand stores for the first half of the financial year. Revenue rose 28 percent to $1.26 billion for the half year, the company reported. Comparable store growth for the period was 11.1 per cent after currency adjustments with both Australia and New Zealand recording 11.3% growth.