The S&P/ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went down 0.08% on Tuesday.
Australian Dollar ($A) (AUDUSD): 71.87US cents
Dow Jones (DJI): down 0.13%
Oil (WTI): $US55.64 per barrel
Gold: $US1,329 per ounce
ASX Sharemarket News
In ASX sharemarket news, Bellamy’s Australia Ltd (ASX: BAL) has reported his half year result to December 2018.
Bellamy’s blamed the delayed registration with China’s State Administration of Markets Regulation (SAMR), a planned reduction in trade inventory prior to the rebrand and an observed slowdown in performance for the 26% drop in revenue to $129.6 million.
Reported net profit fell by 64% to $8.1 million and ‘normalised’ net profit declined by 26.5% to $16.5 million.
Bellamy’s CEO Andrew Cohen said: “While we faced numerous challenges in the first half of 2019, the business ermerges with a winning product that combines the best of organic with the best of science. Together with an already strong brand, this change sets a new platform for the long-term growth and higher levels of investment in China.”
Expert Interview: Magellan's Hamish Douglass
Costa Group Holdings Ltd (ASX: CGC) is another business that has reported its result for the half year to December 2018.
Costa’s revenue decreased by 2.4% to $477.6 million with the citrus category showing revenue lower by $22 million due to a lower biennial cycle. EBITDA declined by 45% to $33.8 million (click here to learn what EBITDA means) and operating net profit (NPAT-S) dropped by 70% to $8.5 million. Costa maintained its dividend at 5 cents per share.
Costa CEO Harry Debney commented on the lower profit, “There were several contributing factors to this, some of which had been accounted for including bringing African Blue on to our balance sheet as a result of majority ownership, additional pre-harvest farming cost investment through our increased international footprint and an ‘off’ citrus season in terms of the biennial nature of the crop.”
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SEEK Limited (ASX: SEK) reported that revenue grew by 20.7% to $757.2 million and EBITDA went up 6.2% to $238.5 million. Underlying net profit grew by 6.4% to $123.8 million and reported net profit dropped 5% to $99.3 million. The interim dividend was maintained at 24 cents per share.
SEEK CEO and Co-Founder Andrew Bassat said: “We are pleased with our overall strategic progress in the first half of FY19. A key focus has been to reinvest in our largest and highest performing businesses being SEEK ANZ, SEEK Asia and Zhaopin.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).