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Category: Business, Economics and Finance / Oil and Gas / Travel and Tourism / Transport

Profits rise for Westfield and Flight Centre

Wednesday, 24 Feb 2016 13:26:59 | Stephen Letts

Westfield sign on the side of a Westfield shopping centre, September 2012. (ABC News: Giulio Saggin)

Westfield Corporation, the global spinoff of the giant shopping mall owner, has recorded a maiden full-year profit of $US2.3 billion ($3.2 billion).

It represents the first full year result since the 2014 demerger that allowed Westfield to concentrate on managing assets in the US and UK, while Australian and New Zealand malls are owned by another recently created entity, Scentre.

Westfield will pay a full year distribution of $US37.7 cents (52 cents) per security which was in line with expectations.

Westfield currently has $US29 billion ($40.2 billion) worth of assets under management and project pipeline, which includes the retail hub in New York's rebuilt World Trade Centre and major expansion of its major joint venture shopping centre in London.

Westfield gave guidance that next year's distribution would decrease to around $US34.2 cents per share (47.5 cents) due to the dilutive effects of the sale of non-core assets.

The company's shares edged up 0.1 per cent to $9.72 on Wednesday afternoon.

Meanwhile, travel agency Flight Centre saw its interim profit rise 16 per cent to $116.7 million on the back of record global sales.

Sales were up 15 per cent to $1.27 billion and the company raised its interim dividend to 60 cents a share from the 55 cents it paid last year.

Flight Centre chief executive Graham Turner maintained the full-year profit guidance of between $380 million and $395 million, but cautioned that trading conditions remained challenging.

Flight Centre shares slipped 0.8 per cent to $40.18 at 1:30pm (AEST).

Worley Parsons profits dive as commodities crash

Gas and oil-focused engineering business Worley Parsons reported a 78 per cent decline in first-half profit as the sector contracts rapidly in the face of crashing commodity prices.

Its profit came in at just $23 million, down from $104.5 million at the same time last year, with one-off charges including redundancy payments, onerous leases and onerous software licences dragging the result down.

Underlying profit — with the one-offs removed — was down 29 per cent to $74 million, as revenues fell 5 per cent to $3.2 billion.

However, the company said it would not pay an interim dividend.

Worley Parson's shares tumbled 11 per cent to $3.75, 70 per cent below its record high of almost $54 in 2007.

However, the news was not so bat for Atlas Iron, whose share price made a record gain on the basis of a narrowing loss.

Atlas Iron shares were up 50 per cent to 18 cents after it announced its half loss was a modest $114.3 million, an almost 90 per cent improvement on last year's horrible $1.1 billion loss.

Revenues were down 17 per cent to $372 million, while exports were the same as last year's 6.9 million tonnes.

No dividend was paid.

Asciano profit up as Qube falls

In the logistics sector it was the case of the hunted outpacing the hunter, with takeover target Asciano raising its first half profit, while its pursuer Qube fell.

Asciano delivered a first profit of $200 million, an increase of 5 per cent on last year.

There was more cream on the investors' cake with the interim dividend up almost 60 per cent to 13 cents a share.

Qube, on the other hand, reported a 10 per cent slide for the half to $49 million.

Revenues were down 5 per cent to $690 million and dividends were kept flat 2.7 cents a share.

AustraliaPlus


 

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