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| Subject: Friday profit wrap: Red facesSep 12 16:08 | |
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Author: Perth automatic ticketing operator ERG Group Ltd said it was budgeting to return to profitability in 2003/04. |
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Date Posted: Friday, September 12, 06:16:57pm In reply to: Newspapers reporting result--March 7 2003 SMH 's message, "Noteholders have tickets to ride" on Thursday, March 06, 08:38:56am http://afr.com/articles/2003/09/12/1063341761193.html Friday profit wrap: Red faces Sep 12 16:08 Staff reporters and AAP Australian Magnesium Australian Magnesium Corp Ltd posted a 2002/03 net loss of $813 million. The company said its cash balance at June 30, 2002 was $74 million. Australian Magnesium (AMC) said that, as foreshadowed, the loss included the write-off of $756 million for the mothballed Stanwell magnesium project in central Queensland. An additional adjustment of $38 million was made as the net result of one-off provisions and restructuring costs including a $17 million recoverable amount for the company's Queensland magnesia division (QMAG). AMC acting chief executive Chris Rawlings said the company was proceedings with its restructure plan as agreed with its major stakeholders. The $813 million 2002/03 net loss compares with the $14.89 million net loss reported the previous year. Revenue for 2002/03 was up 82 per cent to $150.3 million. Operating revenue from QMAG was down 13 per cent to $67.4 million. This was due to lower electrofused magnesia prices, lower calcined magnesia sales, unplanned outages at the Parkhurst plant, higher hedges losses and an adverse exchange rate, the company said. No dividends were recorded. As part of its proposed restructure Australian Magnesium's assets have been split into three business units - magnesium primary production, advanced magnesium technology and Queensland magnesia (QMAG), Dr Rawlings said. At 1600 AEST Australian Magnesium shares were down 0.4 to 9.3. advertisement advertisement ERG Perth automatic ticketing operator ERG Group Ltd said it was budgeting to return to profitability in 2003/04. The company posted a net loss of $198.3 million for 2002/03 after an improved second half financial result. This compared to a net loss of $243.4 million in the previous year. ERG has struggled with questions about its financial viability after reporting losses of $125 million for the first half ended December 31, 2002. In July this year, ERG shares tumbled from $1.02 as the company announced it had lost a $30 million tender to install a new "smart card" ticketing system for the bus, train and ferry services of its home town, Perth. On Friday afternoon, shares in the company were up 1¢ to 92¢, from a year high of $2.55. ERG said that with new projects in early ramp-up stages it was budgeting to return to profitability in the second half of the 2004 financial year, resulting in a return to profitability for the full year. "The ability of the group to be profitable in 2004 is largely dependent on the successful delivery of major projects such as Seattle, Stockholm, Sydney and Washington DC," the company said. "ERG's immediate focus is the delivery of these projects which have a projected supply value of approximately $200 million excluding the long-term operating revenue benefits." Fletcher Forests Fletcher Forests posted a net loss of $271 million for the year ended June, and said it will defer a $140 million payout to shareholders. Fletcher Forests, which is trying to sell its entire 106,000 hectare forest estate, said most of the loss was largely attributed to a crop revaluation of $292 million, including tax. The estate had been on Fletcher Forests' books at $1 billion, and the land was valued at $200 million. A sharp second-half decline in United States lumber prices, the stronger New Zealand dollar, and higher shipping costs "significantly" reduced New Zealand dollar prices and depressed the forest crop value, the company said in a statement. Fletcher Forests will not pay a dividend, and has deferred the proposed $140 million shareholder payout, pending both the forest sale process and a tax ruling. The company had been hoping to return the capital to shareholders by the end of the year. Shares in the company closed up 1¢ at $1.15. Brandrill Mining contractor and rock breaker Brandrill Ltd posted a bigger than forecast full-year loss after failing to make a profit in most of its divisions. The West Australian-based company reported a net loss of $31 million for 2002/03, compared to its forecast loss of $20 million. It said "financial stress" had affected all its operations. The company posted a net loss in 2001/02 of $54.82 million. Sales revenue for its Australian Contracting Division was $105.4 million for the year ending June 30, 2003, compared with $312.7 million previously. However the division made a loss after tax of $11.9 million on two underground projects, Reward Deeps and Lotus Deeps. There was a provision for a $4 million writedown of surplus underground equipment and associated spares, and the receivership of Western Metals led to a bad debt of $0.5 million which has yet to be settled. Brandrill's RockTek division lost $4.0 million, less than the $27.4 million lost previously, mostly because sales forecasts were not achieved because of working capital constraints in North America and Europe and slow sales growth to the civil sector in Australia. Brandrill is reviewing its shareholding in BTX after the failure of the previous sale process to achieve a satisfactory result. No dividend was declared. The company's shares were down a 10th of a cent to 1.9¢ at 1510 AEST. IWL Diversified financial services company IWL Ltd said it expects another year of underlying earnings growth after reporting a $472,000 profit. The result for the 12 months ended June 30, 2003, off a record operating revenue of $22.05 million, follows a $1.2 million loss for the previous year. Earnings before interest, tax, depreciation and amortisation soared to $5.8 million from $2.02 million for the prior year. IWL said it is looking forward to further growth in underlying earnings for financial year 2004 with its subsidiary broking solutions expected to be the best performer. During the year IWL took over Sanford Ltd, which gave it access to leading technologies and advisers dealing in direct equities and options on behalf of 60,000 clients. IWL said Sanford's contribution of $570,000, since the acquisition on late April, was well ahead of management's initial forecasts. Directors have recommended that no dividend be paid for the full year, in line with the previous year. By 1034 AEST, IWL shares were 1 higher to 27.5. Hansen Technologies Information technology provider Hansen Technologies Ltd today forecast significant revenue growth and a stronger result in the current financial year. The company booked a $6.69 million net loss for the 12 months to June 2003 compared to a $60.52 million loss for the previous year. The results for the year included $1.3 million in restructuring costs and a $1.0 million write-off of development costs on a non-core product, which were expensed in the second half. Managing director Andrew Hansen said he was confident of significant revenue growth in the coming year. "Long term contracts with our customers enable us to predict much of our revenue, and we have already locked in significant revenue for 2004, when we will also benefit from cost savings of approximately $2.0 million following the companies restructuring in 2003," he said. Hansen Technologies reported $58.71 million in revenue from ordinary activities for 2002/03, 27 per cent higher than the previous year. Biotech BresaGen Ltd booked a $13.95 million loss for fiscal 2003, blaming the termination of trials of its anti-cancer drug E21R for a fall in revenue. The results for the 12 months to June 30, 2003, compared to a net loss of $11.86 million in the prior year. The 2003 loss included a $4.17 million writedown in the book value of BresaGen's cell therapy intellectual property portfolio. Revenue fell 13 per cent to $5.27 million from $6.05 million the year before. ``The decrease in revenue was largely attributable to the company not earning any milestone income in the current year, compared to $510,000 in the prior year, due to the termination of the E21R agreement with British Biotech early in the 2003 financial year,'' BresaGen said. BresaGen shares were steady at 43.5 at 1503 AEST. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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| River of red swamps ASXBy Leonie Wood, Ian Porter, Eli Greenblat | September 13, 2003 | Friday, September 12, 06:22:52pm |