Toll road operator Macquarie Infrastructure Group
(ASX:MIG) has reported a net loss for the year to June 30, and says it is considering splitting its portfolio into two ASX listed companies.
Net loss for the 12 months to June 30 came to $1.71 billion down from a profit of $767.3 million in fiscal 2008.
The company says the loss reflects the impact of revaluations of the road businesses in the portfolio.
The company has been undertaking a detailed review of its strategic options, including further asset sales, raising capital for selective early de-leveraging of assets, and other capital management alternatives.
Macquarie says a significant outcome of the review at this point, is that the board has asked management to assess the risks involved in restructuring and splitting the company’s current portfolio into two separate ASX listed vehicles. Looking back at the last five years Macquarie Infrastructure Group’s best net profit was in 2007, recording over $1.7 billion.
Wealth management company AMP Ltd (ASX:AMP) today posted a slight fall in first half net profit, and says that the market is likely to be subject to ongoing volatility and investor sentiment continues to be subdued.
Net profit for the six months to June 30 dropped one percent to $362 million, down from $366 million recorded in the same period a year ago.
Underlying profit, AMP’s preferred measure of profitability because it removes investment market volatility, fell 16 per cent to $367 million.
CEO Craig Dunn says that while the economic outlook currently looks more promising, the market is likely to be subject to ongoing volatility and investor sentiment continues to be subdued.
Mr Dunn says over the medium to long term, the outlook for wealth management in Australia remains attractive, underpinned by favourable demographics and market growth. AMP reported net profit of $580 million in 2008.
Oil and gas producer Santos Ltd (ASX:STO) has posted a 66 per cent drop in first half net profit.
Net profit for the six months to June 30 came to $101.7 million, down from $303.7 million recorded for the same period a year ago.
The company says lower international crude oil, condensate and LPG prices had a significant impact on the first half result, reducing revenue by 26 per cent to $1.05 billion from $1.41 billion.
Santos says production of 26.6 million barrels of oil equivalent in the first half positions the company to meet its 2009 production guidance of between 53 to 56 million barrels of oil equivalent.
Santos declared an interim dividend of 22 cent a share. Santos 2008 net profit was by far the company’s best over the last five years.
