ASX reporting wrap: Thursday 9 August highlights

Written on the 9 August 2018 by Paris Faint

ASX reporting wrap: Thursday 9 August highlights

Companies across several of sectors including banking, entertainment, property and energy today revealed their FY18 results.

All eyes were on Suncorp in the wake of AMP's disastrous profit fall on Wednesday. Crown Resorts, Mirvac Group, Orora and AGL Energy also posted results.

AGL Energy (ASX: AGL)

Reaping the rewards from multi-billion-dollar investments it has made in its electricity generation portfolio over the past few years, statutory profits after tax at AGL almost tripled to hit $1.587 billion at the full year.

Underlying profits were also up 28 per cent at $1.02 billion despite the pressure of energy price increases across the broader market, most recently a result of the abrupt closure of several non-AGL power stations including Hazelwood in 2017.

AGL declared a total dividend of 117 cps, 80 per cent franked, up 29 per cent from the previous year.

Crown Resorts (ASX: CWN)

Gambling mogul James Packer stepped away from the Crown empire in FY18.

The company posted a profit of $573.2 million, down 69 per cent from its previous FY17 result which was inflated by the proceeds from the sale of its Macau business.

Crown's revenue for the 12 months was up 4.5 per cent to $3.49 billion, with the company paying a final dividend of 30 cents per share, franked at 18 cents.

Mirvac Group (ASX: MGR)

Mirvac Group delivered a result at the top end of its guidance on Thursday as its operating profit increased by 9 per cent to $580 million, up from $534 million in FY17.

In terms of statutory profit, the group marked the third consecutive year that its result climbed above $1 billion.

During the financial year, Mirvac settled a record 3,400 residential lots with $2.2 billion in residential pre-sales secured.

It has delivered earnings per share of 15.6 per cent, up 8 per cent on FY17.

Orora (ASX: ORA)

Profits at Orora climbed a steady 12 per cent to reach $208.6 million, although shareholders weren't too amused as ORA tumbled 3.76 per cent to hit $3.45 at the time of writing (2:46pm AEST).

Sales revenue rose to $4.24 billion, up 5.2 per cent, off the back of "earnings growth, strong cash generation and disciplined capital management" according to managing director and CEO Nigel Garrard.

The group realised a net one-off benefit from US tax reform measures worth $5.5 million, which added to its net profit after tax result of $212.2 million.

Suncorp (ASX: SUN)

Suncorp's profit margin dropped 1.5 per cent to hit $1.06 billion on the same day that it revealed the sale of its life insurance division.

The bank will sell the business for $725 million to a unit of Dai-Ichi Life Holdings.

CEO Michael Cameron said that despite an earnings and profit fall, the business achieved a solid second half.

Suncorp has remained relatively unscathed by fallout from the Financial Services Royal Commission, which was responsible for claiming a large chunk of AMP's profit margin on Wednesday.

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Author: Paris Faint

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