Reporting Season - Briefly

Friday 24th August 2001

Steel & Tube Holdings' June-year profit was $14.9 million, up 11.6% on an annualised basis. Chief executive Nick Calavrias said steel distribution and processing was strong on the back of the buoyant rural and manufactured exports sectors while the weak building sector depressed sales of construction products.

Credit services company RMG posted a $A10.7 million June half-year loss after absorbing a restructuring provision of $A6.4 million. The company, which has welded together 22 small Australasian firms, said it would go into profit in the full December year.

Technology investor Advantage Group, acknowledging the effects of the global devaluation of tech stocks, wrote off $60.3 million of goodwill from the value of its investments and announced a $65.9 million June-year loss.

As expected, Natural Gas Corporation lost $301.6 million for the June year after being caught unhedged by a dry winter. Energy trading losses cost $48.7 million in June and a further $40 million in July, when the company exited electricity retailing. Chief executive John Barton held out some hope for a lift in next year's earnings from continuing businesses of $55.6 million.

Richina Pacific boosted June first-half earnings by $5 million to $7 million but warned the second half was unlikely to match the first. Most of the gain came from the developing China leather operation Beijing Blue Zoo aquarium which lost $758,000. Negotiations continued for a sale of the Colyer Mair semi-processed leather unit.

Transport operator Mainfreight reported a $200,000 June first- quarter loss. Earnings before interest and tax from Australian operations were negative $1.35 million, an improvement on the $2.89 million ebitda loss for the same period a year ago.

ASB Bank's June-year profit jumped 22% to $183.4 million. The bank cited market share gains across all banking sectors, with particularly strong results from treasury operations and rural banking. ASB is a unit of Commonwealth Australia Bank.

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