Skip to Content

About: admin

Recent Posts by admin:

Stockland tips earnings slide

Written on June 20, 2019 at 13:42, by

Sales volumes in Victoria have halved.PROPERTY company Stockland says profits may slump by 10 per cent this year as it struggles with sales in the ”worst new housing market” in more than 20 years.
Nanjing Night Net

The company is facing a ”deep cyclical low” and tough conditions in Victoria, the location of its most profitable residential estates, managing director Matthew Quinn told the annual meeting yesterday.

”Profit in our residential business is expected to be around $50 million lower this year than last year with potential downside of a further $30 million if conditions in Victoria don’t improve,” Mr Quinn said.

Sales volumes in the state had halved and aggressive discounting was required to clear stock, he said.

The company’s woes follow yesterday’s release of Australian Bureau of Statistics figures showing the value of private residential building work fell to $10.47 billion in the June quarter, a 10-year low.

But the ABS figures also showed that, as spending on residential building slowed, engineering construction was still powering along at historic highs of $22.45 billion.

Over the past four years, Stockland has refocused on its residential, retail and retirement businesses, all of which are affected by the cautious consumers of today.

Its net profit of $487 million for 2011-12 was down 35.5 per cent from the previous year.

Home buyers were still focused on paying off debt, he said.

”We started the year with around 700 fewer contracts on hand than the previous year, reflecting the sluggish market in FY12, and so far we are not seeing any improvement.”

But the company’s 41 shopping centres, valued at more than $5 billion, were making above-industry-average returns and would deliver future growth. Profit margins were likely to improve in 2013-14, although it would take ”two to three years of good volume and price growth to restore our margins back to historical levels”, Mr Quinn said.

Chairman Graham Bradley told shareholders the search for a replacement for Mr Quinn, who leaves the company early next year, was ”progressing well”.

Stockland’s shares closed down 13¢ yesterday to $3.42. Other property companies, including Mirvac, GPT and Australand, also fell marginally.

This story Administrator ready to work first appeared on Nanjing Night Net.

Kloppers warns miners must cut costs, lift game

Written on June 20, 2019 at 13:42, by

AUSTRALIA’S high-cost, low-productivity economy will be untenable in the coming era of slower Chinese growth, according to BHP Billiton chief Marius Kloppers.
Nanjing Night Net

In an address to the Brisbane Mining Club, Mr Kloppers said mining companies could no longer afford to choose volume growth at the expense of rising costs given commodity prices were moderating and the sector had entered a period where cost cutting and productivity improvements would take precedence.

Mr Kloppers said productivity was the best indicator of long-term wealth in a society, but Australia’s rates had been declining since the late 1990s and had slipped into reverse for many of the past eight years.

”This should be a concern for all of us, because as markets revert to more sustainable levels, our relative competitiveness will be the key to maintaining the economic advantage our resources endowment naturally provides,” he said.

Mr Kloppers reiterated his view that no company could consider investing in Queensland’s huge coal sector given the current low prices, high costs and rising royalty rates. But he went further to suggest new investment in any part of the mining sector looked unlikely in current conditions.

”The next round of minerals investments in Australia will, almost without exception, be captured only if costs are decreased and productivity is improved. Companies and governments need to work in partnership towards attracting the next rounds of investments,” he said.

The comments will not surprise the thousands of former employees whose jobs have already been cut this year by BHP, and other miners such as Xstrata and Rio Tinto.

BHP has previously warned the ”tailwind” of high commodity prices was no longer blowing at the back of Australian miners, and Mr Kloppers said the gap between supply and demand for many commodities was closing fast.

”What we are now witnessing is the rebalancing of supply and demand and a progressive recalibration of prices back to long-term sustainable pricing levels,” he said. In a swipe at Queensland’s decision to increase royalties, Mr Kloppers said it was unfortunate the commodity slowdown had coincided with rising imposts from government.

He listed regulatory reform alongside stability in taxation and workplace laws at the top of the sector’s wish-list.

BHP has attempted to buffer itself from a slowdown in iron ore and coal by expanding other divisions, particularly petroleum, the focus of yesterday’s September-quarter results.

The petroleum division produced a record volume of petroleum products during the three months. Iron ore production was lower, while coking coal production dramatically outstripped volumes sold. Copper production was higher but below analyst expectations.

BHP closed 38¢ higher at $33.45.

This story Administrator ready to work first appeared on Nanjing Night Net.

Buyback, profit forecast push CSL to record high

Written on June 20, 2019 at 13:42, by

SHARES in CSL touched a record high yesterday, as the blood plasma and vaccine company announced yet another share buyback and reaffirmed guidance for 12 per cent annual profit growth.
Nanjing Night Net

Speaking at its annual meeting, chairman John Shine said CSL would buy back another $900 million of shares, or 4 per cent of issued capital, over the next year.

The Melbourne-based company also reaffirmed its forecast of 12 per cent profit growth this financial year, taking annual revenue to $US5 billion.

Speaking at his last AGM, chief executive and managing director Brian McNamee drew attention to CSL’s growth since he joined Commonwealth Serum Laboratories in 1990. CSL is now capitalised at $24 billion and recently reported its first $US1 billion profit, on $US4.6 billion of revenue.

”We certainly believe internally that the milestone of achieving $US1 billion NPAT [net profit after tax] was a significant milestone for the company. When many of us look back at where we started from, obtaining a billion dollars in revenue was certainly a significant achievement,” Dr McNamee said.

His comments came after UBS healthcare analysts Andrew Goodsall and Dan Hurren boosted their rating on CSL to ”buy” from ”neutral”, with an increased share-price target of $52. In a note to clients titled ”Upgrade FY14 – it’s all about the volume”, the pair tipped CSL would outperform industry plasma growth, leading to a 3 per cent increase in earnings a share.

Dr McNamee said after the AGM he intended to take on a new role in 2014, after handing over the top job to Paul Perreault mid next year.

Mr Perreault is president of CSL’s biggest revenue earner, plasma product arm CSL Behring.

The departing CEO was lauded by Professor Shine, the Australian Shareholders Association and retail shareholders for his ”outstanding qualities” and ”brilliance” at the 85-minute meeting, held at the National Tennis Centre.

CSL shares closed 2.1 per cent, or 97¢, higher yesterday at $47.71.

They are 49 per cent higher in the year to date, well above analysts’ 12-month price target of $44.52, according to Bloomberg.

This story Administrator ready to work first appeared on Nanjing Night Net.

Isabella headed for stardom

Written on June 20, 2019 at 13:42, by

Craig Newitt rides Isabella Snowflake to victory in the Superior Food Services Handicap.CAULFIELD WRAP
Nanjing Night Net

ONE of the most impressive winners yesterday and certainly one with the strangest name was Isabella Snowflake, who is now unbeaten in two runs and is heading for a stakes race at Flemington on Oaks day.

Co-breeder Craig McDonald explained how a filly by Not A Single Doubt out of Tiamo Baby could have such a name, and he gave all the credit to his daughter, Caitlyn. ”We were driving out to see the horse one day and I said, we’ve got to come up with a name for her, and my daughter Caitlyn was very keen on calling her Isabella,” he said.

”I told her that she had a star on her forehead, but when Caitlyn saw her she said it wasn’t a star, it was a snowflake. So there was the name, Isabella Snowflake.”

The filly, who won on debut at Flemington in June, jumped straight to the front yesterday as the $2.45 favourite and strolled home to win by three lengths.Daring Boss is rewarded

GLEN Boss proved again that he was the in-form rider of the spring when he surged further in front on the jockeys’ premiership after a brilliant ride on Ava’s Delight to win the BMW Handicap.

Boss, who leads the Melbourne premiership by five winners over reigning champion Luke Nolen, made a lightning mid-race move on the filly yesterday from back in the field to sit outside the leader before kicking clear on straightening and holding off the favourite, Super Cool.

”She wasn’t going to win from back there with that tempo, so I took off and made something happen,” Boss said. ”Fortunately, I had the horse to do it.”Dwyer, Rodd back in vogue

IT HAS been nine years since Michael Rodd claimed the Magic Millions Classic on Regimental Gal for trainer Shaun Dwyer, and the trainer, who is now based in Bendigo, suspects the pair might enjoy similar results with filly Villa Verde, who won the Debutants Stakes on debut.

”I haven’t had a horse like her since Reggie [Regimental Gal], probably,” Dwyer said. ”Pre-race she’s showed me a lot more than Reggie but potential and performance can be two different things.”

Villa Verde ($15) sat third before sprinting clear to win.Free Wheeling towards Emirates

THE Darley team yesterday produced a group 1 contender when Free Wheeling returned to racing with a commanding win in the Hair And Beauty Stakes.

Trainer Peter Snowden said that as the horse raced in Queensland during the winter, it was decided to give him a three-race spring program, culminating with the $1 million group 1 Emirates Stakes.

”I think he’s in for a good prep judging on that effort,” Snowden said. ”He’ll go to 1400 metres on Victoria Derby day and then back up a week later into the Emirates.”

This story Administrator ready to work first appeared on Nanjing Night Net.

When the going gets tough, Oliver gets going

Written on June 20, 2019 at 13:42, by

DAMIEN Oliver has risen to great heights before when burdened with a heavy heart. Yesterday it was his reputation that was ailing, and again he climbed into the saddle.
Nanjing Night Net

And, at least for a few precious moments, he blew the dark clouds away. A decade after riding Media Puzzle to victory in the Melbourne Cup while mourning the brother he had lost days earlier, Oliver is at the centre of betting allegations that have cast a pall over the spring carnival, and could jeopardise his great career.

His win in the Thousand Guineas at Caulfield was one for the believers, even if the biggest test may be yet to come.

”Everyone has tough times in their life, it’s how you respond to those tough times that counts,” Oliver said after steering Commanding Jewel to an easy win, his fifth in the group 1 race.

He said the support shown by the filly’s trainer, Leon Corstens, and chief owner, Brad Spicer, was ”overwhelming”, a pointed contrast to those who have distanced themselves from him in recent days.

”Each to their own, so be it. It’s during tough times where you know the people who are really going to stick by you.”

Oliver’s latest tough times surfaced when The Sunday Age hit the streets last weekend, containing claims that he wagered $10,000 on the favourite, Miss Octopussy, to beat his own mount in a race at Moonee Valley in 2010.

A Racing Victoria investigation into this and allegations against other leading jockeys continues.

The saga has polarised the racing industry. Last night, Oliver and high-profile owner Terry Henderson exchanged heated words before the stewards after the jockey filed a claim for compensation over Henderson stripping him of the Caulfield and Melbourne Cup rides on My Quest For Peace.

Henderson agreed that he had given a ”firm” commitment to Oliver for the rides, but hinged his case on the jockey’s refusal to declare his innocence. Stewards will rule before Saturday’s Caulfield Cup.

Lloyd Williams also withdrew an offer for Oliver to ride Cox Plate hopeful Green Moon, and Sheikh Mohammed’s Darley operation has looked elsewhere, but others have painted Oliver as a victim and questioned the timing of the allegations.

”All this crap always seems to come out right when the spring carnival starts,” trainer Tony Vasil said yesterday, after Oliver rode his gelding The Wingman into sixth in his first of three rides for the day. ”I’ll be sticking with him.”

So is Corstens, who was moved to tears by Oliver’s win. The veteran trainer said he had ”been there before”, and knew what the jockey was going through, a reference to Corstens’ guilty findings for using banned substances on his horses.

Asked if he had misgivings over Oliver taking yesterday’s ride, Corstens said: ”He’s the best rider in Australia, so why would I have second thoughts?” The jockey put a comforting arm on the trainer’s back when Corstens welled up during the Thousand Guineas presentation.

Spicer reported that Oliver had rung on Sunday to assure Commanding Jewel’s owners.

He said he would not have switched to another jockey ”for anyone in the world”, echoing the conviction of other trainers and owners that the accused is innocent until proved guilty.

Oliver was composed and courteous after the race, his 95th group 1 triumph, explaining his knack for producing under pressure – which he reiterated to Henderson in front of the stewards – by saying he felt more comfortable on a horse than anywhere.

Veteran Sydney jockey Jim Cassidy, who is also implicated in the widespread investigation for allegedly receiving payments from a prominent underworld informer, pushed through the media surrounding his colleague and said: ”Good onya, Olly!”

The sentiment was shared by many in the crowd.

”Leon and Brad and all the other people who’ve stuck by us, I can’t thank them enough,” Oliver said.

He was relieved to be on a winner again, but knowing that this particular race is far from run.

This story Administrator ready to work first appeared on Nanjing Night Net.