Latest news with #AXJO
Reuters
a day ago
- Business
- Reuters
Australia's Ampol profit slumps but resilient despite weather hits
Aug 18 (Reuters) - Australia's top fuel retailer Ampol ( opens new tab reported a 23% drop in its first-half profit on Monday, hurt by weak refinery margins and operational and weather-related disruptions, though the result was better than what the market had feared. Shares of the fuel retailer drifted within tight ranges in early trade, and were down 0.2% at A$29.08 as of 0115 GMT, after rising 0.7% earlier in the session. That compared with a largely flat broader ASX 200 benchmark index (.AXJO), opens new tab. The company said Lytton's refinery margins started the second half strongly, with July being $9.95 per barrel, up from $7.44 per barrel in the first half. Planned maintenance shutdowns and production losses from a cyclone disrupted operations, while weak Singapore refining margins pressured profitability at its Queensland refinery. The refinery's underlying operating earnings shrank substantially to A$1.1 million ($716,650.00), from A$89.5 million a year ago, while earnings from its fuel and infrastructure division also nearly halved to A$118.3 million. As a result, the company's net profit after tax from continuing operations for the six months ended June 30 fell to A$180.2 million on a replacement-cost basis, 23% lower than A$233.7 million a year ago, but beating the Visible Alpha consensus estimate of A$165.6 million. Ampol declared an interim dividend of 40 Australian cents per share, lower than 60 Australian cents per share paid out a year ago. The fuel retailer flagged that trends for its fuel and infrastructure division, excluding Lytton, convenience retail and New Zealand segments are expected to largely continue from the first half. "We don't expect material consensus estimate changes, which will allow the market to focus on upside from the impending EG Group acquisition," Jefferies analysts wrote. The company announced last week it would buy British fuel station operator EG Group's local unit, EG Australia, for a total of A$1.1 billion. ($1 = 1.5349 Australian dollars)
Reuters
a day ago
- Business
- Reuters
BlueScope Steel's profit slumps 90% on impairment charge; shares tumble 7%
Aug 18 (Reuters) - Australia's BlueScope Steel ( opens new tab reported a 90% slump in annual profit on Monday, citing an impairment charge at its coated products business and weak performance at its North America operations, sending its shares 7% lower. Shares of BlueScope, Australia's biggest steel producer, were down at A$22.55, as at 0018 GMT, their lowest point in more than seven weeks. That compared with the broader benchmark index ASX 200 (.AXJO), opens new tab, which was down 0.2%. BlueScope Steel's coated products business in its North American division reported an annual loss, pressured by lower volumes and operational challenges, leading to a one-off impairment charge of A$438.9 million ($285.90 million). "There has been a delay in achieving our expectations of the BlueScope Coated Products business, which we acquired in 2022, and an impairment of A$439 million has been recorded," the steel producer said. Its North America division, one of its top profit-generating divisions, posted underlying operating earnings of A$514.4 million in the year ended June 30, down 45% from last year. The drop was primarily due to lower selling prices at its North Star and Buildings and Coated Products North America operations. As a result, the company's net profit after tax came in at A$83.8 million ($54.6 million) in fiscal 2025, down from A$805.7 million reported in fiscal 2024. On an underlying basis, exclusing one-off items, BlueScope's profit halved from the previous year to A$420.8 million, pulled down by price pressures, lower volumes, and higher costs. The result also fell short of the Visible Alpha consensus estimate of A$466.4 million. The company forecast underlying operating earnings for first half of 2026 between A$550 million and A$620 million, above last year's A$309 million, though its midpoint misses the Visible Alpha consensus of A$618 million. BlueScope declared a final dividend of 30 Australian cents per share, in line with last year. ($1 = 1.5352 Australian dollars)
Mint
30-05-2025
- Business
- Mint
Aussie shares end with modest weekly gains as tariff jitters spark defensive plays
AXJO logs third weekly gain IT stocks rise for 8th straight week Energy stocks rose 8% in May May 30 (Reuters) - Australian shares edged up on Friday, as worried investors flocked to defensive stocks after a U.S. appeals court kept President Donald Trump's tariffs in effect. The S&P/ASX 200 index rose 0.3% to end at 8434.7, gaining 0.6% for the week. The benchmark ended slightly higher on Thursday. The benchmark rose 3.5% in its second consecutive monthly gain, as it navigated through a tumultuous period of corporate earnings, U.S.-China trade tensions, and the Reserve Bank of Australia lowering rates to a two-year low. The late Thursday ruling by a federal appeals court temporarily reinstating the broadest of Trump's tariffs after a trade court halted them a day earlier, and injected fresh uncertainty into the market. "Australian stocks seesawed as messy tariff crossfire clashed with mounting end-of-month caution fermenting ahead of another uncertain month," said Hebe Chen, a market analyst at Vantage Markets. Investors took refuge in defensive sectors such as banks and healthcare, which rose "as risk appetite slipped into the back seat," added Hebe. Financials logged their third consecutive week of gains with a 0.7% rise. The "Big Four" banks rose between 0.4% and 2.7%. The sub-index gained 4% in May, its second successive month of gains. Health stocks rose 0.2%, finishing the week 0.7% higher, its third straight weekly gain. However, gains in banks and health stocks were tempered by losses in energy and IT stocks. Energy stocks fell 1.4% on lower oil prices but posted a 8% monthly rise - its highest in nearly two years. IT stocks shed 0.6% for the day as investors booked profits, with tech giant WiseTech losing 1%. The sector gained 3.9% for the week, an eighth straight weekly gain. Miners rebounded late in trading, adding 0.4% despite a dip in iron ore prices. Meanwhile, New Zealand's benchmark S&P/NZX 50 index ended 1.1% higher at 12418.89. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
Mint
27-05-2025
- Business
- Mint
Banks, tech stocks pull Aussie shares higher ahead of inflation data
AXJO hits highest daily close since February 19 Australian CPI data awaited RBNZ expected to cut rates on Wednesday May 27 (Reuters) - Australian shares ended at more than three-month high on Tuesday, driven by gains in financials and technology stocks, while investors awaited the release of the April inflation data, which is expected to show further moderation. The S&P/ASX 200 index rose 0.5% to 8405.4, the highest daily close since February 19. The benchmark had ended flat on Monday. "I think we are in a quiet period for the market in the lead up to (the) end of (the) financial year... market is bouncing around on macroeconomic news, which... is looking positive for equities," said Luke Winchester, portfolio manager at Merewether Capital. Australia's financial year ends on June 30. Financials gained 1.1%, with the "Big Four" banks rising between 0.9% and 1.4%. The banks have gained since the RBA's rate reduction in May, buoyed by expectations of lending volume growth on lower rates. "However, the next big move in banks is almost certainly down as they have very limited room to rise further without earnings growth," said George Kurian, portfolio manager at Oracle Investment Management. Technology stocks added 1.2%, touching the highest since February 24 earlier in the session. The sub-index extended its gains from Monday, with WiseTech Global rising 2.5% to lead the rally a day after announcing its mega $2.1 billion takeover deal. Dragging the index lower, miners fell 0.3% on falling iron ore prices. Real estate stocks lost 0.4%. Investors are waiting for the Consumer Price Index (CPI) data on Wednesday to glean clues on the Reserve Bank of Australia's (RBA) next move, with analysts expecting the monthly rate to have eased to 2.3% in April from 2.4% a month ago. The market has priced in a 67% chance of an RBA rate cut in July. 0#AUDIRPR New Zealand's benchmark S&P/NZX 50 index closed 0.3% higher at 12,582.33 points, a day ahead of the local central bank's rate decision, where a 25-basis-point cut is expected, a Reuters poll showed. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Sumana Nandy)
Reuters
20-05-2025
- Business
- Reuters
Australia's TechnologyOne hits record high on half-year profit beat
May 20 (Reuters) - Shares of Australian enterprise software provider TechnologyOne ( opens new tab climbed to an all-time high on Tuesday, after it posted first-half earnings above analyst expectations. The stock climbed 12.7% to trade at A$37.2 per share as of 3000 GMT. It emerged as the top percentage gainer on the ASX200 benchmark index (.AXJO), opens new tab, which rose 0.5%. The cloud services firm reported a pre-tax profit of A$81.9 million ($52.77 million) for the six months ended March 31, comfortably surpassing the A$77 million consensus estimate compiled by Visible Alpha. It posted pre-tax profit growth of 18% fiscal 2024, and forecast pre-tax profit growth of 13% to 17% for fiscal 2025. ($1 = 1.5521 Australian dollars)
