Steel manufacturer and distributor BlueScope Steel Ltd
(ASX:BSL) has reported a net loss for the full year and says although the company sees some improvement in demand, it expects to post a small loss in the first half of fiscal 2010.
Net loss for the 12 months to June 30 was $66 million, compared to a profit of $596 million in the previous year.
CEO Paul O’Malley says BlueScope is encouraged by the improvement in demand in some markets, and by movement in steel prices globally, however the company remains cautious on the outlook and currently expects to deliver a small loss in the first half of fiscal 2010.
Mr O’Malley says the company is yet to see the full flow-on effect of various government stimulus packages, especially in the U.S. and Australia.
He says the company is however starting to see benefits of China’s economic stimulus package and says BlueScope has an increasingly positive view of its prime market, Australia. If we take a look back over the company’s results in the last five years, BlueScope Steel’s best net profit was in 2005.
Private health insurer NIB Holdings Ltd (ASX:NHF) has posted a fall in net profit for the year this morning impacted by negative returns on its investment portfolio.
Net profit after tax for the 12 months to June 30 came to $23.8 million down from $26.7 million recorded in fiscal 2008 due to negative full year investment returns on its portfolio of $1.8 million compared to a $7.5 million positive contribution the year before.
However the company reported a pre-tax underlying profit of $40.2 million, up 21.8 per cent on last year and at the top end of previous guidance.
CEO Mark Fitzgibbon says capital management will continue to be a key focus for the business, saying that it is aware of the earnings drag carrying surplus capital can create on the company’s ambitions to deliver return on equity of at least 15 per cent.
NIB declared a final dividend of 4.4 cents a share. NIB Holdings net profits have decreased in the last two years.
Rubber gloves manufacturer Ansell Ltd (ASX:ANN) has posted an 18.3 per cent rise in full year earnings but says sales in the first half of 2010 will be lower.
Net profit for the 12 months to June 30 rose to $121.4 million from $102.6 million recorded the year before.
Revenue increased to $1.36 billion from $1.25 billion the year before.
The company said Australian dollar results were favourably impacted by a weaker Australian dollar over much of fiscal 2009.
In U.S. dollar terms profit fell to US$90.2 million from US$91.7 million.
Chairman Peter Barnes says Ansell expects a subdued global economic outlook in fiscal 2010.
Ansell says sales in the first half of fiscal 2010 will be down on Fiscal 2009’s first half but are likely to recover in the second half.
The company says it expects earnings per share of US56 - US62 cents for fiscal 2010. Ansell has posted inconsistent net profits in the last five years.
