Let’s do a speedrun through some of the names reporting today. The chicken king Inghams posted more-than-decent results but its shares were sinking as the market has been spooked by…something.
ASX Limited (ASX)
ASX Limited shares were down 3.07 per cent in late afternoon trades as the company flagged rising costs and lower cash market trading volumes.
Statutory NPAT was higher due to ASX no longer haemorrhaging money on its plagued and much-ridiculed CHESS replacement strategy.
- Operating revenue: $511.7 million (up 2.4 per cent vs pcp)
- Operating expenses: $220.7 million (up 26.9 per cent vs pcp)
- Interim dividend: $1.012 cents (down 12.9 per cent vs pcp)
- Statutory NPAT: $230.5 million (up 212.8 per cent vs pcp)
- Underlying NPAT: $230.5 million (down 7.8 per cent vs pcp)
Inghams (ASX:ING)
The chicken king Inghams saw its shares get slammed today, down 15.28 per cent to $3.66 in late afternoon trades. The 1H FY24 results the company put out were actually quite decent – perhaps the shareholders are just clucking mad.
Or, maybe they’re not loving that the company doesn’t see Australian wheat getting cheaper until FY25 – wheat, if you’re puzzled, feeds the chickens. Let’s hope El Nino isn’t as bad as expected.
- NPAT: $63.4 million (up 268 per cent vs pcp)
- Core poultry sales: Increase of 2.2 per cent vs pcp
- Interim dividend: 12 cents (up 20 per cent on final 2H FY23 dividend)
- EBITDA: $253.7 million (up 28.8 per cent vs pcp)
- Net debt: $345.9 million
QBE Insurance (ASX:QBE)
QBE Insurance shares were down 2.62 per cent to $15.96 in late afternoon trades, even after posting massive profit growth. Investors may be concerned that the company’s tax obligations have more than doubled.
- Revenue from ordinary activities: US$20.82 million vs US$18.9 million pcp
- Profits from activities: US$1.35 billion vs. US$587 million pcp (up 131 per cent)
- Effective tax rate: 25.7 per cent vs 12 per cent pcp
- Interim dividend: 14 cents; 10 per cent franked
Insurance Australia Group (ASX:IAG)
Insurance Australia Group was down 3.48 per cent in late afternoon trades on the back of mixed results.
While margins and premiums improved, the company actually made less money than it did in the first half of FY23.
- NPAT: $407 million vs $468 million pcp
- Insurance profit: $614 million vs $350 million pcp
- Reported insurance margin: 13.7 per cent vs 8.5 per cent pcp
- Interim dividend: 10 cents
- Gross written premium: up 12.5 per cent vs pcp
Charter Hall Retail REIT (ASX:CHC)
Charter Hall Retail REIT shares were up 2.01 per cent in late afternoon trades to $3.81, with the market liking the results despite turbulent trouble for the sector, and, a decline in earnings.
The stock was around $5.00 right before COVID-19 hit. If CHC is going to bounce back, it’s not going to happen quickly.
- Operating earnings: $78.6 million vs $83.4 million pcp (down 5.8 per cent)
- Property portfolio value: $4.237 billion vs $4.443 billion pcp (down 4.6 per cent)
- Portfolio occupancy: 98.7 per cent vs 98.6 per cent pcp (up 0.1 per cent)
- Divestments of $290 million