Territory Stories

The Northern Territory news Fri 13 Aug 2021



The Northern Territory news Fri 13 Aug 2021

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NT news


The Northern Territory news; NewspaperNT






Community newspapers -- Northern Territory -- Darwin.; Australian newspapers -- Northern Territory -- Darwin.

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News Corp Australia

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Copyright. Made available by the publisher under licence.

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News Corp Australia



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30 BUSINESS FRIDAY AUGUST 13 2021 NTNE01Z01MA - V1 BUYERS BOOST MIRVAC STRONG demand from buyers through the current housing boom helped underpin property developer Mirvacs strong full-year result but the company is bracing for market conditions to moderate as the country gets back to normal. We see very strong continued momentum in the residential property market, Mirvac chief executive Susan LloydHurwitz (inset) said. Mirvac posted an annual statutory profit jump of 61 per cent to $901m but operating profit slipped by 9 per cent to $550m. NAB SEES CASH JUMP A $112m writeback from improved asset quality in housing and business lending has enabled National Australia Bank to report a 10 per cent jump in cash profit to $1.7bn for the June quarter. Chief executive Ross McEwan said the banks overall performance was encouraging with strong momentum across the business. At the end of July, total deferred loan balances due to current lockdowns were less than $1bn. NAB shares closed 0.18 per cent down at $27.27. The ASX200 fell 3.9 points to 7588.2 while the All Ordinaries Index dipped 5.9 points to 7860.5. GOODMAN RIDES BOOM GOODMAN Group has delivered a 15 per cent jump in annual operating profit to $1.22bn. It also flagged a 10 per cent rise in earnings this financial year as the industrial property developer rides the online shopping boom. Statutory profit soared 54 per cent to $2.31bn. Goodman shares fell 2.25 per cent to $22.64. ing at its retail outlets and technicians in the field. I can certainly see that certain roles should require a vaccine, he said. Theres quite a bit of complexity involved in that and were considering that very carefully. Mr Penn said the group has reached an important turning point in financial performance. We are clearly building financial momentum and I am very pleased to be able to say that our underlying business TELSTRA FY NET PROFIT $1.9bn 3.4% REVENUE $21.6bn 9.1% SHARE BUYBACK $1.35bn DIVIDENDS Interim 5c Special 3c SHARE PRICE (YESTERDAY) $3.97 3.7% SNAPSHOT Telstra up on profit, buyback will return to full-year growth in (the 2022 financial year), he said. Mr Penn said the past financial year had been a significant one for Telstra. We delivered results in line with guidance and we are seeing the focus and discipline on T22 (strategy) pay off, Mr Penn said. He said the companys guidance for the current financial year was underlying EBITDA of between $7bn and $7.3bn, which represents midto-high single digit growth. We have confidence because we see strong performance in our mobile business, continued discipline on our cost-reduction target, green shoots in some of our growth businesses and a diminishing impact from the NBN, he said. The company will return up to $1.35bn to shareholders as part of an on-market share buyback relating to the recent InfraCo Towers deal. Mr Penn said the buyback would likely commence after September 16 and would continue over the next 12 months. TELSTRA shares rallied to their highest point in two years after the telco announced a $1.35bn share buyback from shareholders and forecast a return to underlying growth in the current year. Telstra posted a net profit after tax of $1.9bn up 3.4 per cent but total income fell 11.6 per cent to $23bn for the 2021 financial year and earnings before interest, taxation, depreciation and amortisation (EBITDA) slid 14.2 per cent to $7.6bn. The telcos shares rallied 3.7 per cent to $3.97, just off their $4 intraday high. Telstra will pay a fullyfranked final dividend of 8c, including an ordinary dividend of 5c and a special dividend of 3c. Chief executive Andy Penn also flagged potential mandatory vaccines for some workers, given Telstra has thousands of employees in customer-facing roles includ T E LCO S DAVID SWAN Investors back growth forecast AMP has delivered an increased underlying first-half profit helped by higher investment income but stopped short of declaring an interim dividend. The under-pressure 172year old wealth and asset management groups underlying profit printed 57 per cent higher at $181m for the six months ended June 30, compared with the same period a year ago. Statutory profit was lower, however, at $146m in the first half compared with $203m in the corresponding period in 2020. The statutory result includes customer compensation and transformation costs, the gain on sale from the divestment of New Zealand Precinct Properties, and costs related F I N A N C I A L S E R V I C E S JOYCE MOULLAKIS NO AMP DIVIDEND DESPITE FIRST-HALF GAINS AMP chief executive Alexis George is upbeat about the businesss outlook, as its transformation continues. Picture: John Feder/The Australian We are starting to see some positive signs of growth and innovation Alexis George, AMP CEO Myer answers Lew with earnings update MYER shares surged almost 10 per cent on the back of a triumphant announcement that it will report a profit in the June half for the first time since 2017. The nations biggest department store is on track to almost double its pre-tax earnings in 2021. It said unaudited 2021 results showed total sales up 5.5 per cent to $2.658bn with second-half sales up 38.3 per cent compared to the second half of 2020. Group online sales were up 27.7 per cent to $539.5m, representing 20.3 per cent of total sales. Myer expected earnings be fore interest, tax, depreciation and amortisation of between $174m and $179m, compared to $93.5m in fiscal 2020. The pivot to online shopping during the pandemic has boosted its online stores, which now accounts for 20 per cent of total sales. Myer shares rose 9.6 per cent to 51.5c. Billionaire Solomon Lew, the chairman of Premier Investments, Myers biggest shareholder, had demanded the retail giant release a trading update as he seeks to replace Myers non-executive directors at the AGM. QBE is back in the black as Covid impact fades QBE has bounced back to a profit thanks to high premiums and new business, and as the listed insurer reaped the benefits of a booming crop market and a slackening of the impact of the pandemic. The insurer delivered a $441m profit for the first half, compared with the net loss of $712m in the prior corresponding period. Adjusted cash profit was $463m. QBE declared an interim dividend of 11c per share, up from 4c. It said the rebound came on the back of a turnaround in both underwriting and investment returns. Critically, QBE paid out less than it brought in. Increases in business in QBEs crop line were particularly strong, up 48 per cent. The company is also facing potential payouts for Covid-19 claims, but QBE interim chief executive Richard Pryce said he was confident claims would come in below the $130m ceiling set by the insurer. QBE shares rose 8.12 per cent to $12.51. AGL $2bn loss due to lower power prices AGL Energy hopes bigger than expected earnings falls in 2022 will represent the bottom of the trough after it crashed to an annual loss of $2.1bn due to lower power prices. Chairman Peter Botten described it as an extremely challenging year amid uncertainty on energy policy, rock bottom power prices and pressure to accelerate action on climate change. However, it faces further ructions this financial year as utilities struggle with profit being undercut by cheap renewables. Underlying profit for 2022 is forecast to be in the $220m$340m range, representing a potential 59 per cent fall from this years $537m result and below consensus of $357m. We think theres a reasonable chance that 2022 is the bottom of the trough but who knows, said AGL chief executive Graeme Hunt. AGL suffered a $2.1bn loss on a statutory basis for the 2021 financial year after being hit by a shock $2.7bn writedown driven by unprofitable wind farm deals in February. AGL declared a final dividend of 34c per share. Its shares fell 5.5 per cent to $7.18. E N E R GY PERRY WILLIAMS R E TA I L ELI GREENBLAT I N S U R A N C E DAVID ROSS