QUEENSLAND ECONOMY ‘ROARS BACK TO LIFE’
Written on the 20 July 2012
THE Sunshine State’s top public companies fared better than other states in the 2012 financial year, according to the latest Deloitte figures.
The audit and financial advisory company’s 2012 Queensland Index (QI) dropped 5.1 per cent in the period, but significantly outperformed the benchmark S&P/ASX All Ordinaries’ 11.3 per cent decline.
Brisbane managing partner Tim Biggs claims the difference shows Queensland has its mojo back.
“Although the patchiness in Queensland’s economy is still very evident, economic growth is roaring back into life,” he says.
“In part that is a rebound in coal and farm sector production from last year’s lows, but an even bigger part has been played by the resource development boom.”
Chemical testing group Campbell Brothers was the top performer with a $573 million jump in market capitalisation (18.6 per cent).
Super Retail Group was runner-up with a $500 million increase in market cap (55 per cent), while engineering consultancy Cardno recorded a $467 million rise (80.8 per cent).
Other top-10 market cap winners include Transpacific Industries Group ($361 million), Dominos Pizza ($289 million), Virgin Australia ($235 million), AP Eagers ($213 million), Ludowici ($204 million) and the Bank of Queensland ($196 million).
The biggest losers were Linc Energy (-$1.09 billion), Billabong (-$1.08 billion), New Hope (-$1 billion), Bandanna Energy (-$615 million), PanAust (-$602 million), Intrepid Mines (-$469 million) and FKP Property (-$368 million).