Latest news with #JohnBiju
Yahoo
16-04-2025
- Business
- Yahoo
Australia's Zip soars on record quarterly cash earnings, fiscal 2025 forecast hike
By John Biju (Reuters) - Australian buy-now, pay-later firm Zip Co posted record quarterly cash earnings on Wednesday, helped by strong performance from its U.S. operations and raised its fiscal 2025 earnings forecast, sending its shares more than 18% higher. The company's earnings before taxes, depreciation and amortization (EBTDA) for the three months ended March 31, 2025, were A$46.0 million ($29.16 million), up 219.4% from the same period last year. The results "demonstrated that growth momentum is yet to slow as more consumers adopt BNPL", analysts at Sandstone Insights said. Zip U.S. delivered revenue of $108.5 million for the quarter, 44.1% higher than a year earlier, while total transaction volumes rose 40.2% to $1.5 billion. The digital retail finance and payments provider's total income rose 26.5% to A$278.9 million during the reported quarter. Shares of the company rose as much as 18.2% to A$1.75, as of 0117 GMT, hitting their highest level since March 28. The stock was the top gainer on the benchmark index. Zip now expects fiscal 2025 EBTDA of at least A$153.0 million, higher than its earlier forecast of A$147.0 million. Analysts at UBS called the forecast hike "conservative" given their current trajectory. The company's first-half cash earnings had more than doubled, driven by higher total transaction volumes and revenue. "4Q will be the quarter of increased uncertainty following U.S. tariff news flow in early April," UBS said. Earlier this month, the company announced a $30 million share buyback program. ($1 = 1.5773 Australian dollars) Sign in to access your portfolio
Yahoo
21-02-2025
- Automotive
- Yahoo
Ping An to sell 42% stake in Autohome to Haier Group for $1.8 billion
By John Biju (Reuters) - Hong Kong-listed Autohome said on Thursday the financial conglomerate Ping An Insurance will cease to be its controlling shareholder after agreeing to sell a 41.91% stake in the company for $1.8 billion. Yun Chen Capital Cayman, a unit of Ping An, will sell 200.9 million shares of the auto services portal provider to a unit of Haier Group Corp, the owner of home appliance maker Haier Smart Home. It also said company insider Song Yang has been appointed as the new chief executive officer following the resignation of Tao Wu. "The platform faces growing competition with not only direct competitors but also automakers that are increasingly reliant on self-distribution", Jefferies analysts said in a note. Jefferies highlighted Autohome's insignificant financial contribution to the group, and added, the deal will allow Ping An "to focus their time and resources on other higher-return businesses". Ping An was looking to offload its stake in Autohome and held talks with several strategic and private equity investors, Reuters reported in 2021, citing sources. The group had bought a 47.4% stake in Autohome in 2016 for $1.6 billion from Australian telecom giant Telstra. Founded in 2005, Autohome serves as an information portal for automobile buyers and an online car-trading marketplace in China. Autohome, with a market cap of $3.93 billion according to data compiled by LSEG, has plummeted over 66% since its March 2021 debut on the Hong Kong Stock Exchange. The company's net income attributable to ordinary shareholders and revenue declined about 13% and 2%, respectively for fiscal 2024.
Yahoo
08-02-2025
- Business
- Yahoo
Domino's Australia franchise surges on store closures, upbeat start to second half of fiscal 2025
By John Biju (Reuters) - Shares of Australia's Domino's Pizza Enterprises were heading for their biggest intraday jump ever on Friday, after the pizza chain operator flagged the closure of 205 loss-making stores and signalled a positive start to the second half of fiscal 2025. The company's stock rose as much as 23.8% to A$36.68 as of 0011 GMT, heading for its strongest gain ever, and hit its highest level since October 21, 2024. The benchmark ASX200 index was largely unchanged. The company expects annual savings of approximately A$15.5 million ($9.74 million) from the closure of 205 loss-making stores aimed at improving profitability and sharpening market focus. The closure plan includes 172 stores in Japan, where Domino's has struggled with declining post-pandemic demand and higher input costs. Japan accounts for a quarter of the company's total 3,733 stores worldwide. "Some of our COVID-period expansion resulted in stores that simply weren't optimal based on our current customer proposition and removing them will strengthen our network," said the group Chief Executive and Managing Director Mark van Dyck. The Japanese store closures will result in a one-off restructuring cost of A$61.8 million but are expected to provide a boost of A$10 million to A$12 million to its operating earnings annually, the company said. The company also signaled a positive start to the second half of fiscal 2025, recording same-store sales growth of 4.3% across the group in the first five weeks. "It is all about future proofing the business. It's a market leader and is expected to continue to grow revenue to new records over the coming years," said Jessica Amir, a market strategist at Moomoo. Domino's said it expects underlying net profit before tax for the first half of fiscal 2025 to be between A$84 million and A$86 million, within its earlier forecast range. The company also intends to declare an interim dividend of 55.5 Australian cents per share, in line with last year's dividend. ($1 = 1.5921 Australian dollars) Sign in to access your portfolio
Yahoo
30-01-2025
- Business
- Yahoo
Star Entertainment to divest Star Sydney Event Centre assets as it hunts for cash
By John Biju (Reuters) -Star Entertainment said on Wednesday it would divest its Star Sydney Event Centre assets to theatre owner and operator Foundation Theatres for A$60 million ($37.51 million) as the casino operator undergoes a cash and liquidity crunch. Shares of the company rose as much as 13% to A$0.130 in early trade, while the broader benchmark index was up 0.4%. Star's unit, The Star Entertainment Sydney Properties, has entered an exclusivity arrangement and binding term sheet setting out key conditions for the divestment, the company said in a statement. The divestment includes The Star Sydney Event Centre and other additional spaces within The Star Sydney complex. "We continue to work on a number of other potential non-core asset transactions," Chief Executive Steve McCann said. The move comes as the embattled casino operator raised concerns about liquidity and cash earlier this month, having only A$79 million in available cash at the end of the December quarter. Star has been in the eye of the perfect storm, which has hit Australian casino operators, leading to multiple regulatory enquiries, casino closures and top executives departures. "While it isn't enough to revive the company, it is a welcome start on the journey to rebuilding," said Grady Wulff, a market analyst at Bell Direct. "The entertainment assets that have been sold will bring a busy schedule of entertainment to Star's Sydney operations which, in turn, drives traffic to the company's casino as a secondary benefit to the sale of these assets." The Event Centre and additional spaces will be converted into new venues to host theatre, live entertainment and contemporary music in Sydney, Foundation Theatres said in a separate statement. Foundation Theatres has been granted planning approval for conversion of the Event Centre into a 1550-seat Broadway-style theatre, it added. ($1 = 1.5995 Australian dollars)
