Grocery retail giant Woolworths Ltd
(ASX:WOW) today reported a 12.8 per cent rise in net profit for the 2009 financial year, and forecast earnings growth of between 8 - 11 per cent for fiscal 2010.
Net profit for the year to June 28 was $1.84 billion up from $1.63 billion the year before, with revenue up 5.4 per cent to $49.85 billion.
The company says it expects overall group sales in fiscal 2010 to grow in the upper single digits, and expects earnings before interest and tax to grow faster than sales.
The retailer says its Australian food and liquor business continued to perform well with earnings before interest and tax up 17 per cent for the year.
CEO Michael Luscombe says the company is well positioned going forward and will continue to invest to develop both core and new business opportunities.
Woolworths declared a final dividend of 56 cents a share, up from 48 cents a share the year before. Woolworths profits have been rising each year for the past four years.
Australian miner Oz Minerals Ltd (ASX:OZL) has reported a first half loss, following the sales of many of its assets to Minmetals earlier in the year, buts says the company is in a strong financial position going forward.
Net loss for the six months to June 30 came to $580.7 million compared to a loss of $500,000 in the same period a year ago.
The miner says the loss was primarily due to a $553.9 million loss on the sale of assets together with lower revenue from operations and costs associated with the refinancing and asset sales transactions.
Revenue rose to $854.5 million for the period, compared with $529.3 million in the first half of fiscal 2008, with sales of copper and zinc the largest contributors to the company’s revenue.
Oz says revenue going forward will be predominantly influenced by the price of copper and to a lesser extent gold.
Oz Minerals did not declare a dividend. Oz Minerals posted a $2.5 billion loss for 2008.
Retirement village owner FKP Property Group (ASX:FKP) has announced a full year loss of $319.4 million compared to a profit of $145.3 million the year before.
The loss was impacted by second half impairments of $269.4 million.
Operating profit after tax for the year came to $78.6 million in line with guidance provided in June.
CEO Peter Brown says since the deterioration in credit and market conditions last year, the company has worked hard to restructure its financial position and is now strongly placed to capitalise as the residential property sector recovers.
Mr Brown says FKP expects higher operating profits and operating cash flow in 2009/2010 and says the company maintains its distribution guidance of 1 cent a share minimum, however it will keep distributions under review depending on results and the economic outlook. FKP Property Group’s best net profit in the last five years was in 2007.
