The Australian share market was lower at noon, weighed by Wesfarmers and BHP but buoyed by Woolworths.
All Ordinaries index had fallen 23.9 points, or 0.54 per cent, to 4410.3 points.
Foster’s Group (FGL) today reported a FY09 profit of $438.3 million, above expectations. However the beer maker warned its wine business remains challenging. FGL shares are down 0.4pct at lunchtime to $5.40.
Financial Services group Suncorp-Metway Ltd (SUN) has announced a 40 per cent fall in net profit after what the company says has been the most volatile period in Australian financial services history.
Net profit for the year to June 30 came to $348 million inline with guidance issued earlier in the month of profit between $340 million to $360 million. The company’s banking division reported earnings of $117 million down 82 per cent on last year after incurring an impairment charge of $710 million.
Property investor Mirvac Group (MGR) has reported a $1.08 billion loss for the year due to property revaluations, write-downs and a loss on inventory. Operating profit after tax came to $200.8 million down 43 per cent from last year, revenue falling 16 per cent to $1.79 billion.
Oil Search Ltd (OSH) has reported a steep fall in earnings for the first half driven lower by weaker oil prices and lower oil sales. Net profit for the six months to June 30 came to US$35.6 million, down from US$133.3 million recorded in the first half of 2008. Managing director Peter Botten says revenue fell from an all-time high of US$466.7 million in the first half of 2008, to US$185.1 million.
Sales from oil and gas production declined 12 per cent to 3.81 million barrels of oil equivalent. Oil Search reiterated earlier guidance for full year production to be between 8 to 8.3 million barrels of oil equivalent. Oil Search shares gained 4.31 per cent to $6.05.
The only sector in positive territory at midday, is the Real Estate Investment Trust index up 2 points to 824. Shares in Valad Property Group up 7.69 per cent at $0.14. Shares in Goodman Group and Westfield Group are also stronger at noon.
The worst performing sector at midday is the Health Care index, down 109 points at 8,203. Shares in Cellestis down 3.75 per cent to $3.85. Shares in Ansell and Sonic Healthcare are also lower.
Australia's largest travel agency, Flight Centre,(FLT) has posted a 72 per cent slide in its annual profit. The company made a net profit after tax of just over $38 million dollars, compared to $135 million a year ago.The company says the fall in earnings was largely because of troubles in its United States business, where it closed 40 stores.
Australian Worldwide Exploration (AWE) Ltd has posted a sharp drop in annual profit on weaker oil prices and lower oil and gas production and says its output will fall this financial year.
AWE said the broader outlook remained volatile as it posted net profit for the 12 months ended June 30 of $88.57 million, down 66 per cent from $246.35 million for the previous financial year.
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