The Australian share market closed 0.139 per cent lower today, after a high morning but a flat afternoon, with industrials, utilities and financials excluding real estate investment trusts pulling it down. After the market closed BHP Billiton Limited (ASX:BHP) reported the biggest annual profit ever made by an Australian-listed company, to $US23.65 billion. It will deliver a fully franked dividend of 55 US cents.
The S&P/ASX200 Index closed 6 points lower at 4,168. On the futures market, the SPI is 2 points lower.
Economic news
March quarter gross domestic product (GDP) fell 1.2 per cent, the first backward step in economic growth since the December quarter of 2008.
Total construction work done in Australia rose 0.7 per cent in the June quarter, the Australian Bureau of Statistics (ABS) said, but the median market forecast was for a one per cent rise.
Company news
Qantas Airways Limited (ASX:QAN) reported annual net profit of $250 million, a 115 per cent rise.
Chief executive Alan Joyce says the airline has not received any takeover offer from private equity firms, and that the airline is focused on improving operations.
The result was the best for the airline since the global financial crisis. It has not declared a final dividend.
Shares in Qantas Airways Limited (ASX:QAN) ended the day 1.3 per cent lower at $1.52.
Seven West Media (ASX:SWM), reported full year net profit by 19.6 per cent to $115.1 million today, up from $96.2 million last year.
Chief executive David Leckie says the company is well positioned to take advantage of the advertising market, however it unfolds over the coming 12 months.
The media company will pay a final fully franked dividend of 26 cents. Shares in Seven West Media (ASX:SWM) closed 18.18 per cent up today at $3.12.
Macarthur Coal Limited (ASX:BLD) reported a net profit after tax of $241.4 million, a 93 per cent increase from the year before, but coming in at the lower end of its guidance. A final fully franked dividend of 16 cents has been declared, taking the full year payout to 40 cents per share.
Gloucester Coal’s (ASX:GCL), full year net profit rose 67 per cent to $54.6 million, up from $32.7 million the year before. Management declared no dividend.
Suncorp Group Limited’s (ASX:SUN) Net profit after tax for the year was down 42 per cent to $453 million. Revenue from ordinary activities was up 21 per cent though, to $19 billion.
A fully franked dividend of 20 cents per share has been declared, bringing the full year payout to 35 cents per share.
Transpacific Industries Group Limited (ASX:TPI) posted a full year net loss of $296.5 million, but revenue for the 12 months to June 30 was up five per cent. No dividends have been declared for full year 2011, the company says debt reduction is a key priority.
Sectors and stocks
The best performing sector was the consumer discretionary, the index rising 24 points to close at 1,184. The worst performing sector was industrials, easing 19 points to close at 3,299.
The best performing stock in the S&P/ASX200 was Seven West (ASX:SWM) shares gained 18.18 per cent to close at $3.12. Shares in Pacific Brands (ASX:SFR) and Billabong (ASX:BBG) also gained today.
The worst performing stock was Wotif (ASX:WTF), shedding 9.56 per cent to close at $4.07. Shares in GUD Holdings (ASX:GUD) and Medusa (ASX:MML) also fell today.
Commodities
Gold is trading at $US1,843 an ounce and Light crude is down six cents to $US85.38 a barrel.
