Reporting season wrap: Wednesday's highlights
Written on the 21 February 2018 by David Simmons
Wednesday was another busy day with a slew of ASX-listed companies releasing their results, with Cleanaway, Melbourne IT, Sydney Airport, AP Eagers, Megaport, Scentre, and Stockland all releasing their figures for the start of FY18.
Cleanaway cleans up
Cleanaway Waste Management Limited (ASX: CWY) announced all operating divisions increased revenue and earnings, resulting in revenue up 8.4 per cent to $785.5 million and net profit up 60.7 per cent to $45 million.
Melbourne IT results were pleasing
Melbourne IT Limited (ASX: MLB) delivered on its promise of strong growth with revenue up 17 per cent to $197.8 million and net profit up 31 per cent to $14 million for the year ending 31 December 2017.
Sydney Airport soars yet again
With growth across all businesses, Sydney Airport (ASX: SYD) yet again saw its revenue increase by 8.7 per cent and recorded a record number of passengers of 43.3 million for the full year ending 31 December 2017. Earnings for the full year topped at $1.2 billion, up 9.3 per cent on 2016.
AP Eagers sees mixed results
Australia's largest car dealer AP Eagers (ASX: APE) reported its results were slightly down on the previous full year, declining 4.1 per cent to $135.6 million. Challenging market conditions impacted the group's operations in Queensland and South Australia.
Meaport has a mega first half
Megaport (ASX: MP1) reported revenue growth of 98 per cent, and announced the launch of new tech that's sure to boost the company again in the coming months. The 98 per cent growth in revenue brought the total revenue to $8.8 million, and the company generated a profit of $2.1 million for the half-year.
Another year of growth for Scentre
Scentre Group (ASX: SGC), the company which operates major Australian shopping centres, reported a profit of $4.2 billion for 2017, including property revaluations of $3.2 billion. Since the establishment of Scentre Group as a separate entity from Westfield, the group has grown the value of its portfolio by more than 30 per cent to $36.2 billion.
Strong profit for Stockland
Stockland (ASX: SGP) announced a positive performance for the group for the first half of FY18, with funds from operations up 18.2 per cent to $436 million. Stockland's Commercial Property portfolio continued to deliver solid profit, and revaluations produced a net uplift of $124 million for the half year.
A2 Milk doubles first half profit
The A2 Milk Company (ASX: A2M) has more than doubled its first-half profit to December 31. It reported a 150 per cent rise to $91.8 million on the back of strong growth in its infant formula business and higher liquid milk sales in core markets. Shares in A2 Milk rose nearly 20 per cent to $1.70 at the market open.
Lendlease lifts profit and revenue
Lendlease (ASX: LLC) has lifted its net profit 7.8 per cent to $425.6 million thanks to strong performances in its development and investment businesses. The property developer's revenue for the six months to December 31 rose 9.4 per cent to $8.69 billion, and the company declared an unfranked interim dividend of 34 cents a share, up one cent on last year.
Downer EDI lifts revenue on Spotless takeover
Downer EDI has posted an $11.1 million first-half loss on the back of a goodwill impairment on its mining operations, writedowns from its freight rail divestment and redundancy costs from its recently acquired Spotless. Total revenue rose 74 per cent to $5.8 billion for the six months to December 31, with a big boost from Spotless, which contributed $1.5 billion.
Business News Australia
Author: David Simmons