Investment bank Macquarie Group Ltd
(ASX:MQG) says it has surplus capital of $4.3 billion as at June 30 2009, and that operational performance improved in the June quarter.
In an update to the market ahead of the company’s annual general meeting, Macquarie says profit for the six months to September 30 is currently estimated to be approximately midway between the profits reported for the first half and the second half of its 2009 financial year to March 31.
However Macquarie says its guidance remains subject to the impact of market conditions and significant swing factors and excludes the impact of one-off items.
CEO Nicholas Moore says Macquarie’s surplus capital and high cash levels, strong team and market conditions provide opportunities for medium term growth.
Moore says that ongoing organic growth initiatives and incremental acquisitions remain underpinned by effective risk management. Macquarie Group’s 2009 net profit more than halved from its result in 2008.
Fertilizer and chemical company Incitec Pivot Ltd (ASX:IPL) has appointed James Fazzino as Managing Director and CEO.
Mr Fazzino has been the company’s Chief Financial Officer since May 2003 and finance director since July 2005.
Mr Fazzino says the ongoing delivery of Incitec’s strategy, together with the company’s business efficiency program, positions it well to benefit from the global recovery as it occurs.
Mr Fazzino’s sppointment is effective immediately. Incitec Pivot’s 2008 net profit was by far the company’s best in five years.
Commodity marketing, metals and mining company OM Holdings Ltd (ASX:OMH) says manganese production increased 74 per cent to 164,034 tonnes in the June quarter.
OM Holdings says it shipped a total of 210,428 wet tonnes of manganese product during the June quarter.
The company says strong mining and operational performance resulted in a sharp drop in cash costs to $4.78 a dry metric tonne unit from $6.84 in the March quarter, with costs reducing to $3.22 for the month of June.
OM Holdings says market conditions indicate a continued steady upward trend in the manganese ore price during the remainder of the third quarter of 2009, driven by strong market fundamentals.
CEO Peter Toth says Chinese imported manganese ore demand and prices are expected to continue to improve during the second half of 2009. OM Holdings 2008 net profit was $115.6 million.
