Gaming machine provider Tabcorp Holdings Ltd
(ASX:TAH) has reported a profit for the full year after posting a loss the year before.
Net profit after tax for the 12 months to June 30 came to $521.7 million, compared to a loss of $164.6 million the year before.
The loss in the last financial year was a result of the company writing-down assets related to its Victorian wagering and gaming licenses after the Victorian government decided to change licensing in the industry effective from 2012.
Revenue for the year increased 5.6 per cent to $4.17 billion.
Tabcorp declared a final dividend of 30 cents a share, taking the full year dividend to 65 cents a share.
CEO Elmer Funke Kupper says the company expects economic conditions in 2010 to remain challenging, saying that at the same time Tabcorp will need to absorb higher taxes in Queensland and higher racing industry fees I its wagering business.
Mr Funke Kupper says in this environment the company will continue to focus on the basics to deliver the best possible results. Looking back at the past five years, Tabcorp posted four years of profits before posting a loss in 2008.
Energy company Linc Energy Ltd (ASX:LNC) says it has signed a contract with Aker Solutions to jointly develop the conceptual design of Linc Energy’s proposed 20,000 barrels a day commercial Gas to Liquids facility planned to be based in South Australia.
Linc says this conceptual design phase has a schedule of six months and will commence in early August 2009 and target completion by mid February 2010.
The company says as a result of the agreement Aker Solutions will bring its global resources and process engineering capability together with Linc Energy’s own resources to form a strong relationship capable improving Linc Energy’s gas to liquids technology in order to accelerate its commercialisation.
CEO Peter Bond says the commencement of this engineering work is a significant step towards Linc Energy’s vision of commercialisation of Underground Coal Gas to commercial Gas to Liquids in South Australia. Linc Energy has posted net losses in the last five years.
Property investor ALE Property Group (ASX:LEP) has posted a 7.7 per cent rise in revenue to $57.4 million for the year to June 30, compared with $53.3 million the year before.
The property group reported a 16 per cent rise in post-tax profit to $33.6 million.
The company also announced a number of capital management initiatives including an equity raising of $105 million via an entitlement offer and placement to institutional investors at an issue price of $2.25.
ALE Property also says it is continuing to divest assets with up to $120 million worth of properties targeted to be divested during 2010.
The company says these capital management initiatives, are aimed at repaying debt and reducing gearing from around 65 per cent to 50 per cent. Looking back over the past five years, ALE Property Group has posted inconsistent net profits.
