- Crown Resorts (CWN) -- First half net profit of $3.315 million up 29% but lower than expected. Interim dividend of 18c. First half revenue up 3.4% at A$1.56 billion. Australian resorts were below expectations. MCE achieved record results and was the major contributor to the growth in Crown’s normalised NPAT.
- Evolution Mining (EVN) -- first half net profit $35.4 million which was down 13% but better than an expected $22.2 million. Interim dividend of 1c.
- Insurance Australia Group (IAG) -- first half net profit of $642 million which was up 39.3% and in line with consensus forecasts. Cash profit was $653 million down 4.5%. First half insurance margin 17.5% Vs 19.9%. First half gross written premium was up 4.2% to $4.79 billion. The company expects strong first year performance.
- Iluka (ILU) -- first year net profit of $18.5 million which was down 95% and well below an expected $47.7 million. Final dividend of 4c. ILU also bought 18.3% stake in Titanium Powder Producer Metalysis. They see a progressive recovery in Mineral Sands demand in 2014.
- NAB -- first quarter trading update -- cash profit of $1.55 billion up 7% on $1.46 billion in the pcp. The boost in profit comes on the back of lower debts and growth in mortgages. Net income was $1.4 billion up on the $1.26 billion in the pcp. Bad and doubtful debts registering a charge of $324 million which was 23% lower. Lower charges recorded in both NAB's local and United Kingdom businesses.
- Telecom Corp NZ (TEL) -- first half net profit of $167 million up 2.5% which includes discontinued operations, also above an expected $157.1 million. Interim dividend of 8c.
- Santos (STO) -- full year underlying profit of $504 million down 17%. They intent to raise dividends progressively as profit grows and when LNG projects start.
- DUE Group (DUE) -- NPAT of $142.2 million up 409.8%. Underlying profit excluding significant items was $38.9 million in line with an expected $23.4 million.
- Billabong (BBG) -- first half net loss $126.3 million.
Morning Market Report
Local and international markets continue to rally.