The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) rose by 1.08% on Wednesday.
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Gold: $US1,552 per ounce
ASX Sharemarket News
In ASX sharemarket news, CYBG Plc (ASX: CYB) has announced that there has been an increase in the legacy payment protection insurance (PPI).
The Board expects its provision will increase by between £300 million to £450 million due to a high volume (eight months’ worth in one month) of PPI Infomation Requests received during August in advance of the PPI complaint deadline of 29 August 2019 and in line with the rest of the industry.
The costs break down into: additional complaints for £100 million, information request processing costs for £100 million and information request complaint costs range of £100 million to £250 million.
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TPG Telecom Ltd (ASX: TPM) has reported its result for the year to 31 July 2019.
TPG’s underlying EBITDA (click here to learn what EBITDA means), which excludes an impairment and merger transaction costs, fell 1% to $818.4 million.
The reported net profit fell by 56% to $173.8 million as a result of a large impairment expense. Underlying net profit fell by 13% to $376.2 million.
The TPG Board decided to maintain the final dividend at 2 cents per share.
In FY20 the NBN headwinds are expected to hurt profit by another $85 million and $25 million for different elements for a combined cost of $110 million. Therefore guidance for business as usual EBITDA is $735 million to $750 million.
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Sigma Healthcare Ltd (ASX: SIG) has delivered its half year result which showed that reported EBITDA is down 19.8% to $25.3 million due to restructuring costs.
Reported net profit was $2.5 million, down 81.2%, although underlying net profit was ‘only’ down by 43.7% to $11.2 million.
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