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.