REPORTING SEASON WRAP: WEDNESDAY HIGHLIGHTS
Written on the 23 August 2017 by Paris Faint
The A2 Milk Company (ASX:A2M) has almost tripled its profits and increased total revenue by 56 per cent off the back of strong performance in its infant formula and liquid milk markets during FY17.
Isentia (ASX: ISD) revealed a statutory net loss of $13.5 million, 156 per cent down on its previous $24.3 million profit result. Isentia's performance was largely due to the impairment of King Content which cost the company $39.4 million in write-downs.
EML Payments (ASX: EML) increased overall revenue by 149 per cent to $58 million, largely due to growth across its international markets.
Insurance Australia Group (ASX: IAG) shares have fallen 8.5 per cent today despite the company posting a decent insurance profit result of $1.25 billion up 6.8 per cent on FY16.
Bega Cheese (ASX: BGA) more than quadrupled its statutory profits this year to reach $228.8 million, however a normalised result of $70.6 million reflects the $124 million Bega made through selling off nutritional assets.
Watpac (ASX: WTP) has posted a statutory loss of $31.4 million, stating that it was adversely affected by cash impairment charges associated with the company's civil & mining business.
Servcorp (ASX: SRV) beat its guidance to achieve net profit of $48.2 million, although the result was down a slight 1 per cent from FY16.
Cleanaway Waste Management (ASX: CWY) increased its profit margin by almost 62 per cent at the full year to hit $72.5 million.
Woolworths (ASX: WOW) is trading flat at $27.08 after it announced a 3.6 decreased net profit of $1.42 billion. The supermarket giant plans to accelerate its home store delivery and Big W markets in the year ahead.
McMillan Shakespeare (ASX: MMS) broadened its product suite, yet experienced a relatively unchanged year as both revenue and EBITDA slightly increased to $513 million (up 1.6 per cent) and $137.3 million (up 1 per cent) respectively.
Business News Australia
Author: Paris Faint