Company profits

Profit reports

The profit reporting season is in full swing. Here are some of the company profits that have been reported this week.

Commonwealth Bank reported a lower cash profit as a result of one-off costs from regulatory penalties and the royal commission pushing up expenses, and higher funding costs squeezing margins in the second half.  CBA’s cash profit from ‘continuing operations’ of $9.23 billion for the year to June 30 was down 4.8 per cent.

Massive compensation and legal costs related to its fee-for-no-service scandal saw AMP’s first-half net profit plunging 74 per cent from $445 million to $115 million on Tabcorp reported reported lower than expected annual earnings which rose 37.6 per cent to $246.2 million, but that figure was below analyst forecasts of $252 million. This compares with earnings of $178.9 million in 2017, prior to the completion of the merger with Tatts Group late last year.

Transurban’s annual net profits more than doubled to $468 million.

AGL’s net profit for the full year rose 27.6 per cent to $1.023 billion, way ahead of consensus estimates of $997 million.

Crown posted a 12.7 per cent rise in normalised profit (excluding the impact of gambling win rates) to $385.6 million, ahead of consensus expectations for earnings of $368.4 million.

 



An award winning author and journalist, commentator, lecturer, and speaker, Leon is a freelance business journalist who covers a range of areas including politics, strategy, globalization, leadership and all the big trends ahead. His main skill is summing up all the news that’s around. For the last 30 years, his main focus has been on management issues. He also produces two podcasts for RMIT University, Talking Business and Talking Technology. Leon has worked for Fairfax, News Limited, AAP and the Herald and Weekly Times.


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