Up market retailer David Jones Ltd
(ASX:DJS) says fourth quarter sales rose 0.6 per cent to $512.3 million, up from $509.1 million in the fourth quarter of 2008.
On a same store’s basis, sales fell 1.2 per cent for the quarter.
CEO Mark McInnes says the company’s trading performance in the fourth quarter of 2009 was much better than expected and demonstrates a sharp, positive turnaround in performance for the year.
David Jones also reaffirmed its outlook for profit growth of 20 to 30 per cent in the second half of 2009, full year growth of 8 to 12 per cent, and growth in 2010 of 0 to 5 per cent.
Mr McInnes says the company’s pleasing sales performance in the fourth quarter of 2009, and performance of the David Jones American Express card, has helped enable the company to reaffirm its second half, full year and 2010 growth guidance. David Jones profits have been increasing year on year for the past four years.
Insurer and wealth management company AXA Asia Pacific Holdings Ltd (ASX:AXA) has reported a 187 per cent rise in net profit for the half year, thanks largely to the company’s investments in Asia.
Net profit for the six months to June 30 came to $270.4 million, up from $94.2 million recorded in the same period a year ago.
Operating earnings for the period fell 13 per cent to $255.5 million, down from 295 million in 2008.
Funds under management, administration and advice dropped 10 per cent to $75.72 billion.
CEO Andrew Penn says that while some of the performance is lower than the same period in 2008, when you consider the severity of the market downturn, these results are strong.
Mr Penn says that whilst all markets have been affected by the global financial crisis the economies in Asia, from where the company’s derives approximately two thirds of its earnings, are faring better than in many OECD countries. AXA Asia Pacific Holdings posted a loss in 2008 after profits the four years previous.
Television broadcaster Ten Network Holdings Ltd (ASX:TEN) says it has raised $138 million after completing an institutional placement of 120 million shares at $1.15 a share.
The company says the placement was significantly over-subscribed with strong support from new and existing shareholders.
Executive chairman Nick Falloon says the proceeds will be used to pay down debt and enhance balance sheet flexibility.
However Ten Network’s major shareholder Canadian Canwest Global Communications was unable to participate in the capital raising, and as a result will see its holding in Ten fall to 50.1 per cent.
According to the Australian, debt laden Canwest was not among the buyers as it continues to struggle under $4.5 billion in debt.
The paper reports Ten executive chairman Nick Falloon saying the size of the issue was determined by the fact that Canwest wanted to keep its stake over 50 per cent. Ten Network Holdings 2008 net profit was the company’s best in five years.
