A flurry of earnings reports hit the ASX on Wednesday, revealing a mixed bag of results across various sectors. Building products group James Hardie reported that the Australian market remained challenged, with flat margins in the June quarter. Net sales for that business fell 10 per cent to $US121.6 million, partly due to the closure of its Philippines operations, while profit decreased 8 per cent to $US37.8 million. James Hardie is a global building materials company, manufacturing fibre cement siding and backerboard. They operate in markets across the United States, Europe, Australia, New Zealand, and the Philippines.
Elsewhere, Breville Group announced a 14.6 per cent increase in full-year net profit to $135.9 million, driven by strong coffee machine sales. Revenue for the small kitchen appliance maker rose 10.9 per cent to $1.7 billion, with earnings before interest and tax climbing 10.2 per cent to $204.6 million. Meanwhile, Magellan Financial reported a 31 per cent drop in full-year net profit to $165 million and a 5 per cent decline in operating profit to $159 million. Magellan Financial is a global funds management firm providing investment solutions to retail, high net worth and institutional investors.
Other notable results included Transurban, which saw a 52 per cent drop in annual net profit to $178 million, and APA Group, which posted a 6.4 per cent gain in underlying EBITDA to $2.015 billion. Iluka Resources reported a 31 per cent slump in half-year earnings to $92 million due to weak mineral sands prices. Dexus reported a full-year net profit of $136.1 million, rebounding from a $1.58 billion loss the previous year, while Stockland’s net profit more than doubled to $826 million.
Superloop swung back into the black with a net profit of $1.2 million, while Retail Food Group reported a full-year loss of $19.5 million. The Lottery Corporation posted a 12 per cent drop in net profit to $365.5 million, and Cleanaway Waste Management reported a 14.6 per cent rise in underlying EBIT to $411.8 million.
