Stocks of the Hour: Mineral Resources, Bapcor, Temple & Webster

Company News

by Lauren Evans

Mineral Resources’ (ASX:MIN) earnings dropped 80 per cent in the half year ending December 31, due to the collapse in iron ore prices and widening discounts. The mining company decided not to declare an interim dividend due to the loss and volatile iron ore conditions. Shares are trading 4.7 per cent lower at $55.18.

The owner of Autobarn and Midas, Bapcor (ASX:BAP) lifted its interim dividend despite a 14.7 per cent fall in its net profit for the second half of 2021. The ongoing challenges of lockdowns weighed on store sales. Though on a brighter note, the auto-parts retailer said that revenue rebounded in the second quarter of this financial year after the easing of restrictions. Shares are trading 3.9 per cent lower $6.79.

Temple & Webster’s (ASX:TPW) revenue grew 46 per cent over the half year to $235.4 million, thanks to their customer base growing by 34 per cent to 906,000. The furniture retailer defied the challenges of the supply chain issues. The company is off to a positive start to 2022 with sales in January up 26 per cent compared to the same time a year ago. Shares are trading over 15 per cent higher at $9.26.

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