Here are the stories from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles today. Rask Media has your financial news sorted.
First, here are the data points:
Australian Dollar ($A) (AUDUSD): 72.23 US cents
Dow Jones (DJI): up 0.4%
Oil (WTI): $US52.09 per barrel
Gold: $US1,214 per ounce
Making finance headlines today, building products company CSR Limited (ASX: CSR) has finally announced the sale of its Viridian glass business.
As Rask Media first reported in July, CSR bought Viridian for $1.2 billion around a decade ago. Today, the company announced it would sell Viridian for $155 million to Crescent Capital Partners. However, CSR will keep the property located at Ingleburn, New South Wales, which the company says is worth more than $60 million.
“This transaction will enable Viridian to align its footprint and cost structure to operate more effectively as a standalone business,” CSR Managing Director Rob Sindel said. As a result of the sale, CSR expects to report a pre-tax loss of $20 million to $30 million for its 2019 financial year.
Also in the headlines, Collins Foods Ltd (ASX: CKF), the company behind many of Australia’s KFC stores, released its 2019 half-year financial report showing a 27% increase in revenue and a profit after tax of $12.7 million, up 69% over the prior corresponding period.
“Our KFC Australia business has continued to deliver strong results,” CEO Graham Maxwell said. “Same store sales growth improved across all States, particularly in Western Australia, and we completed the acquisition of the last 3 remaining stores from Yum! solidifying Collins Foods’ position as the largest KFC franchisee in Australia with 228 stores.”
Read more here: Collins Foods Serves Up Finger Lickin’ Results
Collins Foods’ directors declared an interim dividend of 9 cents per share.
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